Managed Asset Portfolios LLC Purchases 7,935 Shares of ConocoPhillips $COP

Managed Asset Portfolios LLC lifted its position in shares of ConocoPhillips (NYSE:COP) by 13.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,498 shares of the energy producer’s stock after purchasing an additional 7,935 shares during the period. Managed Asset Portfolios LLC’s holdings in ConocoPhillips were worth $6,057,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of COP. Aberdeen Group plc lifted its position in shares of ConocoPhillips by 49.3% in the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock valued at $83,969,000 after buying an additional 264,726 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in ConocoPhillips by 17.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 154,360 shares of the energy producer’s stock valued at $13,927,000 after acquiring an additional 22,827 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in ConocoPhillips by 2.4% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,395,546 shares of the energy producer’s stock valued at $304,716,000 after purchasing an additional 78,642 shares during the last quarter. GAMMA Investing LLC boosted its position in ConocoPhillips by 22.4% during the second quarter. GAMMA Investing LLC now owns 34,534 shares of the energy producer’s stock worth $3,099,000 after purchasing an additional 6,309 shares during the period. Finally, Focus Partners Wealth increased its holdings in shares of ConocoPhillips by 36.2% in the first quarter. Focus Partners Wealth now owns 128,601 shares of the energy producer’s stock valued at $13,506,000 after purchasing an additional 34,195 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COP shares. Morgan Stanley cut their target price on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. Wells Fargo & Company assumed coverage on shares of ConocoPhillips in a report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 price target on the stock. Susquehanna reduced their price objective on ConocoPhillips to $113.00 and set a “positive” rating for the company in a report on Monday, October 20th. Roth Capital decreased their target price on ConocoPhillips from $108.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, October 15th. Finally, BMO Capital Markets dropped their price target on ConocoPhillips from $122.00 to $117.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Eighteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.33.

ConocoPhillips Stock Performance

NYSE COP opened at $89.64 on Wednesday. The firm has a 50-day moving average price of $90.83 and a two-hundred day moving average price of $91.93. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $115.38. The company has a market capitalization of $110.77 billion, a P/E ratio of 12.03, a P/E/G ratio of 2.36 and a beta of 0.58. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. The company had revenue of $15.03 billion for the quarter, compared to analysts’ expectations of $14.51 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $1.78 earnings per share. Analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio is currently 47.52%.

Insider Activity

In related news, Director William H. Mcraven purchased 5,768 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the transaction, the director owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.24% of the company’s stock.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.