State Street Corp Acquires 50,116,727 Shares of ConocoPhillips $COP

State Street Corp lifted its position in shares of ConocoPhillips (NYSE:COP) by 73.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,591,447 shares of the energy producer’s stock after buying an additional 50,116,727 shares during the quarter. State Street Corp owned approximately 9.87% of ConocoPhillips worth $12,328,767,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of COP. BlackRock Inc. grew its stake in ConocoPhillips by 3.0% during the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after buying an additional 2,712,703 shares during the last quarter. Capital International Investors grew its position in shares of ConocoPhillips by 5.9% during the 4th quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock valued at $4,527,230,000 after acquiring an additional 2,714,663 shares during the period. Wellington Management Group LLP increased its holdings in ConocoPhillips by 12.0% in the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after acquiring an additional 1,609,759 shares in the last quarter. Franklin Resources Inc. increased its position in shares of ConocoPhillips by 4.5% during the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer’s stock worth $1,407,770,000 after purchasing an additional 648,432 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of ConocoPhillips by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock worth $1,389,862,000 after acquiring an additional 193,401 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE COP traded down $1.03 during trading hours on Tuesday, reaching $126.50. The stock had a trading volume of 4,113,803 shares, compared to its average volume of 8,262,635. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $141.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The company has a market cap of $151.97 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 1.39 and a beta of 0.13. The business’s fifty day moving average is $126.35 and its two-hundred day moving average is $121.25.

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, beating analysts’ consensus estimates 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 analysts’ expectations of $18.79 billion. During the same period last year, the firm earned $1.42 earnings per share. The business’s revenue for the quarter was up 32.4% on a year-over-year basis. As a group, research analysts expect that ConocoPhillips will post 10.54 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were issued a $0.84 dividend. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.7%. ConocoPhillips’s payout ratio is presently 44.44%.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of the company’s stock in a transaction dated 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 sale, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This represents a 49.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.09% of the stock is owned by insiders.

Analysts Set New Price Targets

COP has been the subject of a number of research reports. Morgan Stanley lifted their price objective on shares of ConocoPhillips from $147.00 to $151.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Truist Financial raised their price objective on shares of ConocoPhillips from $115.00 to $130.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Stifel Nicolaus began coverage on shares of ConocoPhillips in a report on Thursday, September 10th. They issued a “hold” rating and a $148.00 target price for the company. Royal Bank Of Canada set a $130.00 price objective on ConocoPhillips in a research report on Monday, June 22nd. Finally, Raymond James Financial restated an “underperform” rating and issued a $168.00 price target on shares of ConocoPhillips in a report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $141.24.

ConocoPhillips 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.