L2 Asset Management LLC Invests $1.13 Million in ConocoPhillips $COP

L2 Asset Management LLC bought a new position in shares of ConocoPhillips (NYSE:COP) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,862 shares of the energy producer’s stock, valued at approximately $1,129,000.

Other large investors have also recently bought and sold shares of the company. D.A. Davidson & CO. grew its stake in shares of ConocoPhillips by 10.5% in the 4th quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock valued at $14,572,000 after purchasing an additional 14,833 shares during the period. Mach 1 Financial Group LLC bought a new position in shares of ConocoPhillips during the 4th quarter worth approximately $1,169,000. B. Metzler seel. Sohn & Co. AG bought a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $6,896,000. Jennison Associates LLC boosted its stake in ConocoPhillips by 7.6% in the 4th quarter. Jennison Associates LLC now owns 153,240 shares of the energy producer’s stock valued at $14,345,000 after buying an additional 10,779 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in ConocoPhillips by 4.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,608,643 shares of the energy producer’s stock valued at $252,256,000 after buying an additional 102,577 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Down 1.1%

NYSE COP opened at $133.37 on Tuesday. The firm has a market cap of $160.22 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 1.43 and a beta of 0.11. ConocoPhillips has a one year low of $85.57 and a one year high of $135.88. The stock’s 50 day simple moving average is $115.73 and its 200 day simple moving average is $117.97. 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 (NYSE:COP) last issued its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The firm had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same quarter in the previous year, the company posted $1.42 EPS. The business’s revenue for the quarter was up 32.4% compared to the same quarter last year. As a group, sell-side analysts forecast that ConocoPhillips will post 10.46 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a $0.84 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial increased their price objective on ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Freedom Capital raised ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Argus boosted their target price on shares of ConocoPhillips from $136.00 to $153.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Barclays lowered their target price on shares of ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Finally, Jefferies Financial Group increased their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $140.29.

Insider Buying and Selling at ConocoPhillips

In related news, SVP Andrew D. Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares of the company’s stock, valued at $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.09% of the company’s stock.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.