NorthCoast Asset Management LLC increased its stake in shares of ConocoPhillips (NYSE:COP) by 17.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,259 shares of the energy producer’s stock after purchasing an additional 8,482 shares during the period. NorthCoast Asset Management LLC’s holdings in ConocoPhillips were worth $3,490,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of COP. Harbour Investments Inc. acquired a new position in shares of ConocoPhillips in the first quarter valued at approximately $30,000. Joseph P. Lucia & Associates LLC acquired a new position in ConocoPhillips in the 2nd quarter valued at $30,000. Anfield Capital Management LLC purchased a new position in shares of ConocoPhillips during the 2nd quarter worth $32,000. Concord Wealth Partners boosted its holdings in shares of ConocoPhillips by 41.0% during the first quarter. Concord Wealth Partners now owns 640 shares of the energy producer’s stock worth $34,000 after purchasing an additional 186 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of ConocoPhillips in the first quarter valued at $35,000. 78.47% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director R A. Walker purchased 18,000 shares of the stock in a transaction dated Monday, August 9th. The stock was acquired at an average cost of $55.50 per share, for a total transaction of $999,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jody Freeman sold 3,334 shares of the firm’s stock in a transaction on Monday, June 28th. The stock was sold at an average price of $59.65, for a total value of $198,873.10. Following the transaction, the director now owns 8,251 shares in the company, valued at $492,172.15. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Tuesday, August 3rd. The energy producer reported $1.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.17. ConocoPhillips had a return on equity of 5.64% and a net margin of 5.93%. The business had revenue of $10.21 billion for the quarter, compared to analysts’ expectations of $10.44 billion. During the same quarter in the previous year, the firm posted ($0.92) earnings per share. As a group, equities analysts expect that ConocoPhillips will post 4.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Monday, July 26th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, July 23rd. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.01%. ConocoPhillips’s dividend payout ratio (DPR) is presently -177.32%.
COP has been the subject of several recent analyst reports. BMO Capital Markets lifted their price target on ConocoPhillips from $72.00 to $76.00 and gave the company an “outperform” rating in a report on Thursday, July 1st. Sanford C. Bernstein upped their price target on shares of ConocoPhillips from $63.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, June 21st. Piper Sandler increased their price target on shares of ConocoPhillips from $69.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, July 23rd. They noted that the move was a valuation call. Citigroup boosted their price objective on shares of ConocoPhillips from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, July 1st. Finally, increased their target price on ConocoPhillips from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, July 1st. Two investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $70.81.
ConocoPhillips Company Profile
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.
Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.