Empowered Funds LLC Takes Position in ConocoPhillips $COP

Empowered Funds LLC acquired a new stake 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 firm acquired 493,005 shares of the energy producer’s stock, valued at approximately $51,253,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Frazier Financial Advisors LLC boosted its position in ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of ConocoPhillips during the 4th quarter valued at about $25,000. Ballast Advisors LLC purchased a new position in shares of ConocoPhillips during the 1st quarter worth about $36,000. Evergreen Advisors LLC purchased a new position in shares of ConocoPhillips during the 1st quarter worth about $36,000. Finally, Allied Private Wealth LLC acquired a new stake in shares of ConocoPhillips in the second quarter worth approximately $32,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP stock opened at $129.57 on Friday. The firm has a fifty day simple moving average of $116.97 and a 200-day simple moving average of $118.48. The company has a market capitalization of $155.66 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 1.38 and a beta of 0.11. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.88. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same quarter in the previous year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 32.4% on a year-over-year basis. Equities research analysts anticipate that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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 given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s payout ratio is presently 44.44%.

Insider Activity at ConocoPhillips

In related news, SVP Andrew D. Lundquist sold 9,487 shares of the business’s 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 transaction, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on COP. Roth Capital raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and upped their price target for the stock from $124.00 to $130.00 in a research report on Monday, June 22nd. Wall Street Zen upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Argus boosted their price objective 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. Mizuho dropped their price objective on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a report on Tuesday, July 7th. Finally, Wells Fargo & Company increased their target price on ConocoPhillips from $183.00 to $189.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.29.

ConocoPhillips Company 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.