Cullen Capital Management LLC Makes New $181.79 Million Investment in ConocoPhillips $COP

Cullen Capital Management LLC bought a new position in ConocoPhillips (NYSE:COP) in the second quarter, Holdings Channel reports. The firm bought 1,748,628 shares of the energy producer’s stock, valued at approximately $181,787,000. ConocoPhillips accounts for approximately 1.8% of Cullen Capital Management LLC’s investment portfolio, making the stock its 23rd largest position.

Several other large investors also recently bought and sold shares of the stock. Patten Group Inc. raised its holdings in shares of ConocoPhillips by 1.5% in the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after buying an additional 83 shares during the last quarter. IFC Advisors LLC grew its holdings in shares of ConocoPhillips by 0.4% during the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock valued at $2,664,000 after buying an additional 84 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of ConocoPhillips by 9.6% during the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer’s stock valued at $124,000 after buying an additional 88 shares during the last quarter. Blue Trust Inc. increased its position in shares of ConocoPhillips by 0.4% in the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock valued at $2,791,000 after acquiring an additional 92 shares during the period. Finally, Sigma Planning Corp raised its stake in ConocoPhillips by 0.6% in the 1st quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock worth $2,120,000 after acquiring an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

NYSE:COP opened at $133.37 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.88. The stock’s 50-day moving average price is $115.73 and its 200-day moving average price is $117.97. The stock has a market capitalization of $160.22 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 1.43 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The company had revenue of $19.52 billion during the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.ConocoPhillips’s quarterly revenue was up 32.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 EPS. As a group, equities analysts expect that ConocoPhillips will post 10.46 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

A number of analysts have commented on COP shares. Truist Financial lifted their price target on ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a research report on Monday, August 10th. Wells Fargo & Company increased their price objective on ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Susquehanna lifted their target price on ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. UBS Group upped their target price on ConocoPhillips from $143.00 to $153.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $130.00 price target on shares of ConocoPhillips in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $140.29.

Insider Buying and Selling at ConocoPhillips

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.