NewEdge Advisors LLC Has $25.34 Million Position in ConocoPhillips $COP

NewEdge Advisors LLC lifted its stake in ConocoPhillips (NYSE:COP) by 22.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 243,708 shares of the energy producer’s stock after acquiring an additional 45,088 shares during the period. NewEdge Advisors LLC’s holdings in ConocoPhillips were worth $25,336,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in ConocoPhillips by 10,228.2% during the second quarter. California State Teachers Retirement System now owns 147,873,744 shares of the energy producer’s stock valued at $15,372,954,000 after acquiring an additional 146,441,998 shares during the period. Bank of America Corp DE bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $1,260,482,000. Primecap Management Co. CA bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $1,204,726,000. Legal & General Group Plc acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $716,151,000. Finally, Jupiter Topco LLC acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $427,954,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Andrew 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 value of $1,282,168.05. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on COP shares. Susquehanna boosted their price objective on ConocoPhillips from $155.00 to $161.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. Barclays reduced their target price on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Wall Street Zen upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Zacks Research lowered shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Finally, Mizuho dropped their price objective on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a research note on Tuesday, July 7th. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.29.

ConocoPhillips Trading Up 1.2%

Shares of ConocoPhillips stock opened at $136.69 on Thursday. The stock has a market capitalization of $164.21 billion, a P/E ratio of 18.08, a price-to-earnings-growth ratio of 1.42 and a beta of 0.13. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a 50-day simple moving average of $122.04 and a 200 day simple moving average of $120.02. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $137.87.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results 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. The firm had revenue of $19.52 billion during 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 firm’s quarterly revenue was up 32.4% on a year-over-year basis. During the same period last year, the firm posted $1.42 EPS. Research analysts expect that ConocoPhillips will post 10.54 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

ConocoPhillips Company Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged primarily in finding, developing and producing crude oil, natural gas and natural gas liquids. The company sells its production to refiners, utilities, industrial customers and other energy market participants.

Its portfolio includes conventional and unconventional assets, with operations and development activities in the United States, including Alaska and the Lower 48, as well as Canada, Australia, Norway, Qatar and other international locations.