ConocoPhillips $COP Shares Newly Purchased by Sterling Investment Management LLC

Sterling Investment Management LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,866 shares of the energy producer’s stock, valued at approximately $609,000.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its stake in shares of ConocoPhillips by 73.2% in the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares in the last quarter. BlackRock Inc. raised its position in shares of ConocoPhillips by 3.0% in the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock valued at $9,760,436,000 after purchasing an additional 2,712,703 shares during the period. Wellington Management Group LLP raised its position in shares of ConocoPhillips by 12.0% in the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock valued at $1,566,901,000 after purchasing an additional 1,609,759 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of ConocoPhillips by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer’s stock valued at $1,457,978,000 after buying an additional 74,261 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of ConocoPhillips by 10.8% during the 1st quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer’s stock valued at $1,344,017,000 after buying an additional 995,392 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Up 3.3%

COP stock opened at $146.43 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $175.92 billion, a PE ratio of 19.37, a PEG ratio of 1.45 and a beta of 0.24. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $146.59. The stock has a 50-day simple moving average of $132.11 and a two-hundred day simple moving average of $122.44.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The firm had revenue of $19.52 billion for the quarter, compared to analysts’ expectations of $18.79 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The company’s revenue was up 32.4% on a year-over-year basis. On average, equities analysts predict that ConocoPhillips will post 11.19 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the transaction, the senior vice president owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on COP. Barclays cut their price objective on shares of ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Weiss Ratings raised shares of ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Stifel Nicolaus began coverage on shares of ConocoPhillips in a report on Thursday, September 10th. They set a “hold” rating and a $148.00 target price on the stock. Raymond James Financial restated an “underperform” rating and set a $168.00 target price on shares of ConocoPhillips in a research report on Monday, August 24th. Finally, Argus increased their target price on ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.62.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company’s portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.