Port Capital LLC Acquires New Position in ConocoPhillips $COP

Port Capital LLC acquired a new position in shares of ConocoPhillips (NYSE:COP) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,848 shares of the energy producer’s stock, valued at approximately $400,000.

A number of other institutional investors also recently bought and sold shares of COP. Gallagher Fiduciary Advisors LLC acquired a new position in ConocoPhillips in the 2nd quarter valued at about $344,000. Pointe Capital Management LLC acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $716,000. Odyssean LLC acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $1,277,000. Man Group plc purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at approximately $12,582,000. Finally, Invst LLC purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at approximately $990,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP stock opened at $130.79 on Thursday. The business’s fifty day moving average price is $116.53 and its 200 day moving average price is $118.32. ConocoPhillips has a 12-month low of $85.57 and a 12-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. The company has a market capitalization of $157.12 billion, a PE ratio of 17.30, a P/E/G ratio of 1.39 and a beta of 0.11.

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

ConocoPhillips Announces Dividend

The firm also recently disclosed 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 of this dividend is Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. ConocoPhillips’s dividend payout ratio (DPR) is presently 44.44%.

Insider Activity at ConocoPhillips

In related news, SVP Andrew D. Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction that occurred on Friday, August 21st. The shares were 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on COP. Argus increased their price objective on ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Susquehanna lifted their target price on ConocoPhillips from $155.00 to $161.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. UBS Group lifted their target price on ConocoPhillips from $143.00 to $153.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Raymond James Financial reaffirmed an “underperform” rating and issued a $168.00 price target on shares of ConocoPhillips in a research note on Monday. Finally, Freedom Capital upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. One research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.