Oppenheimer Asset Management Inc. Acquires 20,776 Shares of ConocoPhillips (NYSE:COP)

Oppenheimer Asset Management Inc. increased its holdings in ConocoPhillips (NYSE:COP) by 10.4% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 220,020 shares of the energy producer’s stock after buying an additional 20,776 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in ConocoPhillips were worth $25,166,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in ConocoPhillips by 35.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after buying an additional 8,479,963 shares during the last quarter. Capital International Investors lifted its holdings in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after acquiring an additional 1,856,085 shares during the period. Bank of New York Mellon Corp lifted its holdings in ConocoPhillips by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock valued at $1,907,542,000 after acquiring an additional 826,529 shares during the period. Fisher Asset Management LLC boosted its position in ConocoPhillips by 2.7% in the fourth quarter. Fisher Asset Management LLC now owns 7,412,753 shares of the energy producer’s stock worth $860,398,000 after purchasing an additional 191,519 shares during the last quarter. Finally, Putnam Investments LLC grew its stake in shares of ConocoPhillips by 3.6% during the 4th quarter. Putnam Investments LLC now owns 6,079,041 shares of the energy producer’s stock valued at $705,594,000 after purchasing an additional 211,257 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

COP has been the topic of a number of research reports. Argus raised shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a research note on Friday. StockNews.com lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Scotiabank lowered their target price on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Finally, Truist Financial reduced their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $143.24.

ConocoPhillips Stock Up 0.6 %

Shares of COP opened at $103.50 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company has a market cap of $120.19 billion, a PE ratio of 11.72, a P/E/G ratio of 0.78 and a beta of 1.22. The business has a fifty day moving average of $110.16 and a 200 day moving average of $116.67.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. The company had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.84 EPS. On average, sell-side analysts expect that ConocoPhillips will post 8.41 EPS for the current year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.24%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.