Pacific Heights Asset Management LLC Invests $31.19 Million in ConocoPhillips $COP

Pacific Heights Asset Management LLC purchased a new stake in shares of ConocoPhillips (NYSE:COP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 300,000 shares of the energy producer’s stock, valued at approximately $31,188,000.

A number of other hedge funds have also recently modified their holdings of the company. Coastal Bridge Advisors LLC acquired a new stake in ConocoPhillips during the second quarter worth about $665,000. Public Employees Retirement System of Ohio acquired a new position in ConocoPhillips in the 2nd quarter valued at about $49,669,000. MASTERINVEST Kapitalanlage GmbH acquired a new position in ConocoPhillips in the 2nd quarter valued at about $995,000. Strive Financial Group LLC grew its position in ConocoPhillips by 252.2% in the second quarter. Strive Financial Group LLC now owns 3,747 shares of the energy producer’s stock worth $390,000 after acquiring an additional 2,683 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of ConocoPhillips during the 2nd quarter worth $1,830,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $129.57 on Friday. The company has a fifty day simple moving average of $116.97 and a two-hundred day simple moving average of $118.48. The company has a market cap of $155.66 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 1.38 and a beta of 0.11. 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.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. The business had revenue of $19.52 billion for 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 company’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period last year, the firm earned $1.42 earnings per share. As a group, equities analysts anticipate that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 2.6%. ConocoPhillips’s dividend payout ratio is 44.44%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president owned 9,593 shares of the company’s stock, valued at $1,296,493.95. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Susquehanna boosted their price objective on shares of ConocoPhillips from $155.00 to $161.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. Freedom Capital raised shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Roth Capital upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and raised their price target for the stock from $124.00 to $130.00 in a research report on Monday, June 22nd. The Goldman Sachs Group cut their price objective on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Zacks Research cut ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.29.

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.