L2 Asset Management LLC Purchases New Holdings in ConocoPhillips $COP

L2 Asset Management LLC acquired a new position in ConocoPhillips (NYSE:COP) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 10,862 shares of the energy producer’s stock, valued at approximately $1,129,000.

Several other large investors have also recently bought and sold shares of the company. Cetera Trust Company N.A acquired a new position in ConocoPhillips during the 2nd quarter worth $870,000. Aberdeen Wealth Management LLC acquired a new stake in shares of ConocoPhillips in the 2nd quarter valued at $62,000. Visionary Wealth Advisors acquired a new stake in shares of ConocoPhillips in the 2nd quarter valued at $335,000. Cullen Capital Management LLC bought a new stake in shares of ConocoPhillips during the second quarter worth $181,787,000. Finally, Asset One Wealth Management LLC bought a new stake in shares of ConocoPhillips during the second quarter worth $240,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Transactions at ConocoPhillips

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the business’s stock in a transaction dated 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 completion of the transaction, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

COP has been the topic of several research reports. Wall Street Zen raised ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Barclays lowered their price objective on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. The Goldman Sachs Group dropped their price objective on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Mizuho cut their target price on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $140.29.

ConocoPhillips Stock Performance

COP stock opened at $133.37 on Tuesday. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.88. 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 company has a market cap of $160.22 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 1.43 and a beta of 0.11. The business’s fifty day moving average is $115.73 and its 200-day moving average is $117.97.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The business 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%.The firm’s quarterly revenue was up 32.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 earnings per share. Equities research analysts forecast that ConocoPhillips will post 10.46 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be issued a dividend of $0.84 per share. The ex-dividend date is Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.5%. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

About ConocoPhillips

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.