ConocoPhillips (NYSE:COP) Shares Purchased by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of ConocoPhillips (NYSE:COP) by 135.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,378 shares of the energy producer’s stock after acquiring an additional 8,270 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in ConocoPhillips were worth $1,645,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Cooksen Wealth LLC purchased a new position in ConocoPhillips in the 4th quarter valued at approximately $27,000. Cape Investment Advisory Inc. increased its holdings in shares of ConocoPhillips by 96.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after buying an additional 121 shares during the last quarter. Stephens Consulting LLC raised its holdings in shares of ConocoPhillips by 69.3% in the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares during the period. Richardson Capital Management LLC purchased a new stake in ConocoPhillips during the first quarter worth approximately $31,000. Finally, Northwest Bank & Trust Co acquired a new stake in ConocoPhillips in the 4th quarter valued at $32,000. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

COP opened at $109.69 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The company’s 50 day simple moving average is $109.66 and its 200-day simple moving average is $116.58. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The stock has a market capitalization of $127.38 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 0.80 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.84 EPS. Sell-side analysts anticipate that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is currently 26.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Raymond James restated a “strong-buy” rating and set a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Argus raised ConocoPhillips to a “strong-buy” rating in a research report on Friday, June 7th. Susquehanna reduced their price objective on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. Finally, Truist Financial reduced their target price on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.29.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the transaction, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is owned by corporate insiders.

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.