Intech Investment Management LLC Purchases 46,942 Shares of ConocoPhillips (NYSE:COP)

Intech Investment Management LLC lifted its position in shares of ConocoPhillips (NYSE:COP) by 72.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 111,852 shares of the energy producer’s stock after acquiring an additional 46,942 shares during the quarter. Intech Investment Management LLC’s holdings in ConocoPhillips were worth $12,794,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in COP. ProVise Management Group LLC boosted its stake in ConocoPhillips by 10.2% in the 2nd quarter. ProVise Management Group LLC now owns 50,288 shares of the energy producer’s stock worth $5,752,000 after purchasing an additional 4,655 shares during the period. XTX Topco Ltd boosted its stake in ConocoPhillips by 168.3% in the 2nd quarter. XTX Topco Ltd now owns 12,638 shares of the energy producer’s stock worth $1,446,000 after purchasing an additional 7,928 shares during the period. MRP Capital Investments LLC boosted its stake in ConocoPhillips by 4.3% in the 2nd quarter. MRP Capital Investments LLC now owns 2,430 shares of the energy producer’s stock worth $278,000 after purchasing an additional 100 shares during the period. Garner Asset Management Corp boosted its stake in ConocoPhillips by 25.1% in the 2nd quarter. Garner Asset Management Corp now owns 17,710 shares of the energy producer’s stock worth $2,026,000 after purchasing an additional 3,548 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in ConocoPhillips by 1.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 94,558 shares of the energy producer’s stock worth $10,794,000 after purchasing an additional 1,077 shares during the period. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on COP. Argus upgraded ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. UBS Group cut their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday. Susquehanna lowered their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Sanford C. Bernstein lowered their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Finally, Truist Financial lowered their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.29.

Insider Buying and Selling

In related news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the transaction, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $110.08 on Friday. The stock has a market cap of $127.83 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 0.80 and a beta of 1.22. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The stock’s 50-day moving average is $109.76 and its 200 day moving average is $116.53.

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

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.11%. ConocoPhillips’s payout ratio is 26.27%.

ConocoPhillips Profile

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.