ConocoPhillips $COP Stake Raised by Farther Finance Advisors LLC

Farther Finance Advisors LLC boosted its position in shares of ConocoPhillips (NYSE:COP) by 140.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,791 shares of the energy producer’s stock after buying an additional 106,299 shares during the period. Farther Finance Advisors LLC’s holdings in ConocoPhillips were worth $22,751,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after acquiring an additional 50,116,727 shares in the last quarter. BlackRock Inc. grew its holdings in shares of ConocoPhillips by 3.0% in the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock valued at $9,760,436,000 after purchasing an additional 2,712,703 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of ConocoPhillips by 12.0% in the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock valued at $1,566,901,000 after purchasing an additional 1,609,759 shares in the last quarter. Dimensional Fund Advisors LP increased its position in ConocoPhillips by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer’s stock worth $1,457,978,000 after purchasing an additional 74,261 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in ConocoPhillips by 10.8% during the first quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer’s stock valued at $1,344,017,000 after purchasing an additional 995,392 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Transactions at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction 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 completion of the transaction, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is currently owned by insiders.

Analysts Set New Price Targets

COP has been the subject of several research reports. Barclays lowered their price objective on shares of ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Mizuho decreased their target price on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 7th. Raymond James Financial reaffirmed an “underperform” rating and issued a $168.00 price target on shares of ConocoPhillips in a report on Monday, August 24th. Roth Capital upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $124.00 to $130.00 in a research report on Monday, June 22nd. Finally, Wells Fargo & Company boosted their price objective on ConocoPhillips from $183.00 to $189.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given 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 target price of $143.29.

ConocoPhillips News Summary

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Oil prices rose on supply concerns. Crude prices gained amid worries about Middle East shipping routes and a larger-than-expected decline in U.S. crude inventories. A stronger commodity backdrop typically supports ConocoPhillips’ realized prices, cash flow and earnings. ConocoPhillips gains as oil prices jump on supply fears
• Positive Sentiment: Zacks upgraded COP to “Strong Buy.” The upgrade reflects ConocoPhillips’ earnings-surprise history and what Zacks describes as favorable conditions for another quarterly earnings beat. The company’s latest reported quarter exceeded both earnings and revenue expectations, while full-year guidance was reaffirmed. Will ConocoPhillips Beat Estimates Again in Its Next Earnings Report?
• Positive Sentiment: Institutional interest provided additional support. Worth Asset Management initiated a position, while recent filings showed share additions by several large investors, including JPMorgan, BlackRock, T. Rowe Price and Charles Schwab Investment Management. Analysts tracked by Quiver Quantitative have issued buy or overweight ratings, with a reported median price target of $143.
• Positive Sentiment: Long-term LNG exposure remains a potential catalyst. ConocoPhillips agreed to purchase 1 million metric tons of LNG annually from Venture Global beginning in 2030 under a 20-year agreement. The deal expands its long-term natural-gas exposure, although the financial benefit is several years away. ConocoPhillips Could Be 11% Undervalued Following New 20 Year LNG Deal
• Neutral Sentiment: Insider activity was mixed for investors. Three insiders sold shares during the past six months, with no reported open-market purchases. These sales may raise a modest caution flag, but they do not necessarily indicate a change in the company’s operating outlook.

ConocoPhillips Trading Up 3.4%

NYSE:COP traded up $4.40 during mid-day trading on Thursday, hitting $134.24. 6,070,845 shares of the stock traded hands, compared to its average volume of 8,134,886. 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 $141.62. The stock has a market capitalization of $161.27 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 1.35 and a beta of 0.24. The firm’s 50 day moving average is $129.08 and its two-hundred day moving average is $121.91.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data 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 business had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same quarter last year, the firm earned $1.42 earnings per share. The firm’s quarterly revenue was up 32.4% compared to the same quarter last year. On average, equities research analysts predict that ConocoPhillips will post 10.62 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.