4,663 ConocoPhillips $COP Shares Purchased by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC boosted its position in ConocoPhillips (NYSE:COP) by 64.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,873 shares of the energy producer’s stock after acquiring an additional 4,663 shares during the period. Legacy Wealth Asset Management LLC’s holdings in ConocoPhillips were worth $1,486,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. B. Metzler seel. Sohn & Co. AG bought a new stake in ConocoPhillips in the 2nd quarter worth about $6,896,000. Cetera Trust Company N.A bought a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $870,000. Qsemble Capital Management LP bought a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $3,645,000. Nicholas Investment Partners LP purchased a new position in shares of ConocoPhillips in the 2nd quarter worth approximately $6,498,000. Finally, Osmosis Investment Management UK Ltd purchased a new position in shares of ConocoPhillips in the 2nd quarter worth approximately $1,475,000. Institutional investors own 82.36% of the company’s stock.

Key Headlines Impacting ConocoPhillips

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.

Analysts Set New Price Targets

COP has been the subject of a number of research analyst reports. Jefferies Financial Group raised their price objective on shares of ConocoPhillips from $159.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday. Roth Capital raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their target price for the company from $124.00 to $130.00 in a research report on Monday, June 22nd. Argus raised their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Susquehanna lifted their price target on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. Finally, Mizuho reduced their price objective on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $143.29.

ConocoPhillips Stock Up 3.4%

COP opened at $134.24 on Friday. The firm has a market capitalization of $161.27 billion, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 1.35 and a beta of 0.24. ConocoPhillips has a one year low of $85.57 and a one year high of $141.62. The company has a fifty day moving average price of $129.39 and a 200-day moving average price of $121.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39.

ConocoPhillips (NYSE:COP) last announced its 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. 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 analyst estimates of $18.79 billion. During the same period in the previous year, the business posted $1.42 earnings per share. ConocoPhillips’s revenue for the quarter was up 32.4% on a year-over-year basis. Equities research analysts expect that ConocoPhillips will post 10.68 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

Insiders Place Their Bets

In related news, SVP Andrew Lundquist sold 9,487 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the sale, the senior vice president directly 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 filing with the SEC, which is available through this link. Insiders own 0.09% of the company’s stock.

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.