California Public Employees Retirement System Has $382.54 Million Stock Position in ConocoPhillips $COP

California Public Employees Retirement System boosted its stake in ConocoPhillips (NYSE:COP) by 12.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,898,034 shares of the energy producer’s stock after acquiring an additional 313,395 shares during the period. California Public Employees Retirement System owned 0.24% of ConocoPhillips worth $382,540,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Frazier Financial Advisors LLC boosted its stake in shares of ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of ConocoPhillips during the fourth quarter worth $25,000. Evergreen Advisors LLC bought a new position in ConocoPhillips during the first quarter worth $36,000. Strive Asset Management LLC bought a new position in ConocoPhillips during the third quarter worth $28,000. Finally, Board of the Pension Protection Fund acquired a new position in ConocoPhillips in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on COP shares. Jefferies Financial Group upped their price target on shares of ConocoPhillips from $160.00 to $161.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Raymond James Financial dropped their price objective on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating on the stock in a research note on Monday, June 1st. Susquehanna upped their target price on ConocoPhillips from $149.00 to $152.00 in a research report on Friday, May 1st. Barclays raised their target price on ConocoPhillips from $136.00 to $155.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ConocoPhillips in a report on Wednesday, June 3rd. Eighteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $134.04.

ConocoPhillips News Summary

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips agreed to acquire a 42% stake in BP’s Iraq venture, increasing its exposure to the Kirkuk oilfields and more than 3 billion barrels of recoverable resources. Reuters article
• Positive Sentiment: The company’s Iraq agreement is part of a broader wave of U.S. corporate commitments to support Iraqi energy development, which may signal additional international growth potential. Financial Post article
• Positive Sentiment: Energy shares were broadly stronger, helping support ConocoPhillips alongside a sector-wide move higher. Yahoo Finance article
• Neutral Sentiment: Several reports noted that COP tends to move with crude oil prices, so commodity trends remain an important near-term driver for the stock. Kalkine Media article

ConocoPhillips Trading Up 1.6%

COP opened at $114.70 on Friday. The company has a fifty day moving average price of $113.48 and a two-hundred day moving average price of $113.37. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The company has a market cap of $139.74 billion, a P/E ratio of 19.47, a price-to-earnings-growth ratio of 1.36 and a beta of 0.12. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to analysts’ expectations of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.09 EPS. Analysts predict that ConocoPhillips will post 9.2 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were issued a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 annualized dividend and a yield of 2.9%. ConocoPhillips’s dividend payout ratio is presently 57.05%.

About ConocoPhillips

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.