ConocoPhillips $COP Stock Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System grew its stake in ConocoPhillips (NYSE:COP) by 14.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,668 shares of the energy producer’s stock after purchasing an additional 9,271 shares during the period. Maryland State Retirement & Pension System’s holdings in ConocoPhillips were worth $9,345,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in COP. State Street Corp lifted its stake in ConocoPhillips by 73.2% in the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after purchasing an additional 50,116,727 shares during the last quarter. BlackRock Inc. grew its stake in shares of ConocoPhillips by 3.0% during the second 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. Wellington Management Group LLP grew its stake in shares of ConocoPhillips by 12.0% during the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after buying an additional 1,609,759 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of ConocoPhillips during the second quarter worth $1,260,482,000. Finally, Primecap Management Co. CA acquired a new position in shares of ConocoPhillips during the second quarter worth $1,204,726,000. 82.36% of the stock is owned by institutional investors.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction dated 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 of the company’s stock, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.09% of the stock is currently owned by corporate insiders.

ConocoPhillips Trading Up 1.6%

Shares of NYSE COP opened at $140.13 on Friday. The firm has a 50 day moving average price of $137.15 and a two-hundred day moving average price of $122.89. The stock has a market cap of $165.68 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.26 and a beta of 0.16. ConocoPhillips has a 52-week low of $85.70 and a 52-week high of $154.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.52.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, November 5th. The energy producer reported $3.27 EPS for the quarter, topping analysts’ consensus estimates of $3.05 by $0.22. ConocoPhillips had a net margin of 16.55% and a return on equity of 17.60%. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.59 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. ConocoPhillips’s revenue was up 29.2% compared to the same quarter last year. As a group, equities analysts forecast that ConocoPhillips will post 12.13 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be given a dividend of $0.93 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $3.72 annualized dividend and a yield of 2.7%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.84. ConocoPhillips’s dividend payout ratio is 35.29%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on COP shares. Susquehanna increased their price target on ConocoPhillips from $161.00 to $175.00 and gave the company a “positive” rating in a research note on Tuesday, October 20th. Sanford C. Bernstein lowered ConocoPhillips from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $129.00 to $122.00 in a research report on Wednesday. Mizuho set a $149.00 target price on ConocoPhillips in a report on Thursday, November 5th. Jefferies Financial Group increased their target price on ConocoPhillips from $159.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Finally, Argus lifted their price target on ConocoPhillips from $136.00 to $153.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus target price of $144.73.

More ConocoPhillips News

Investors following COP have been watching these news items:

• Positive Sentiment: The company raised its dividend by 11% and is returning substantial cash through buybacks. Its latest reported quarter also topped analyst expectations for earnings and revenue, supporting the case for continued cash generation. ConocoPhillips (COP) Stock Looks Like A Bargain After Fresh Results
• Neutral Sentiment: ConocoPhillips’ Permian president discussed efforts to get more value from each well; the report does not specify quantified results or a new production target. ConocoPhillips Permian president talks unlocking more value from every well
• Negative Sentiment: Sanford C. Bernstein cut its rating from outperform to market perform and lowered its price target to $122, implying notable downside from the referenced share price. Sanford C. Bernstein stock recommendations

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids. The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources. ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.