Concurrent Investment Advisors LLC Raises Stake in ConocoPhillips $COP

Concurrent Investment Advisors LLC boosted its position in ConocoPhillips (NYSE:COP) by 11.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,265 shares of the energy producer’s stock after buying an additional 7,163 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in ConocoPhillips were worth $6,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of COP. Charles Schwab Investment Management Inc. boosted its stake in shares of ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after purchasing an additional 31,736,423 shares during the period. Wellington Management Group LLP boosted its stake in shares of ConocoPhillips by 1.4% during the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after purchasing an additional 437,709 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of ConocoPhillips by 15.1% during the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after acquiring an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of ConocoPhillips during the first quarter valued at approximately $658,981,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on COP shares. Melius started coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price for the company. Scotiabank increased their price objective on ConocoPhillips from $95.00 to $100.00 and gave the stock a “sector perform” rating in a report on Friday, July 11th. Wells Fargo & Company reiterated an “overweight” rating and issued a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Melius Research began coverage on ConocoPhillips in a report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective for the company. Finally, Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $117.52.

ConocoPhillips Price Performance

NYSE COP opened at $87.83 on Monday. The company has a market capitalization of $109.70 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 2.33 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a 50-day moving average of $94.60 and a 200 day moving average of $92.44. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $1.98 earnings per share. On average, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is presently 41.88%.

About ConocoPhillips

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.