Pacific Heights Asset Management LLC Purchases New Position in ConocoPhillips $COP

Pacific Heights Asset Management LLC purchased a new position in ConocoPhillips (NYSE:COP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 300,000 shares of the energy producer’s stock, valued at approximately $31,188,000.

Other hedge funds also recently bought and sold shares of the company. Coastal Bridge Advisors LLC purchased a new position in shares of ConocoPhillips during the 2nd quarter valued at approximately $665,000. Public Employees Retirement System of Ohio acquired a new stake in ConocoPhillips in the 2nd quarter valued at $49,669,000. MASTERINVEST Kapitalanlage GmbH purchased a new stake in ConocoPhillips in the 2nd quarter worth $995,000. Strive Financial Group LLC increased its holdings in ConocoPhillips by 252.2% in the 2nd quarter. Strive Financial Group LLC now owns 3,747 shares of the energy producer’s stock worth $390,000 after acquiring an additional 2,683 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in ConocoPhillips during the second quarter worth $1,830,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. The trade was a 49.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.09% of the stock is owned by company insiders.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $129.57 on Friday. The company has a fifty day simple moving average of $116.97 and a 200-day simple moving average of $118.48. The firm has a market capitalization of $155.66 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 1.38 and a beta of 0.11. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.88.

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

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on COP. Wall Street Zen upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Mizuho reduced their price target on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a research report on Tuesday, July 7th. Roth Capital raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and raised their price target for the company from $124.00 to $130.00 in a research note on Monday, June 22nd. Morgan Stanley boosted their price objective on ConocoPhillips from $147.00 to $151.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, BMO Capital Markets reduced their target price on ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.29.

About ConocoPhillips

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.