Robertson Stephens Wealth Management LLC Buys 51,144 Shares of ConocoPhillips $COP

Robertson Stephens Wealth Management LLC boosted its stake in shares of ConocoPhillips (NYSE:COP) by 909.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,769 shares of the energy producer’s stock after buying an additional 51,144 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in ConocoPhillips were worth $7,105,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in COP. State Street Corp grew its stake in ConocoPhillips by 73.2% in the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after acquiring an additional 50,116,727 shares in the last quarter. BlackRock Inc. increased its position in shares of ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after acquiring an additional 2,712,703 shares during the period. Wellington Management Group LLP raised its stake in shares of ConocoPhillips by 12.0% during 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 acquiring an additional 1,609,759 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of ConocoPhillips during the second quarter valued at approximately $1,260,482,000. Finally, Primecap Management Co. CA bought a new stake in shares of ConocoPhillips during the second quarter valued at approximately $1,204,726,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

COP has been the subject of a number of research reports. Royal Bank Of Canada set a $130.00 price target on ConocoPhillips in a report on Monday, June 22nd. Wall Street Zen raised ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Barclays reduced their price objective on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Morgan Stanley lifted their target price on ConocoPhillips from $151.00 to $159.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Mizuho decreased their target price on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.62.

Insider Buying and Selling at ConocoPhillips

In other news, SVP Andrew Lundquist sold 9,487 shares of the 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 transaction, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.09% of the company’s stock.

ConocoPhillips Stock Up 3.3%

NYSE:COP opened at $146.43 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $146.59. The company has a 50-day moving average of $132.11 and a 200 day moving average of $122.44. The firm has a market cap of $175.92 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 1.45 and a beta of 0.24.

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

ConocoPhillips Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips’s dividend payout ratio is presently 44.44%.

About ConocoPhillips

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.