Corient Private Wealth LP Makes New Investment in ConocoPhillips $COP

Corient Private Wealth LP bought a new stake in shares of ConocoPhillips (NYSE:COP) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 602,983 shares of the energy producer’s stock, valued at approximately $60,112,000. Corient Private Wealth LP owned approximately 0.05% of ConocoPhillips as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Mach 1 Financial Group LLC purchased a new position in ConocoPhillips during the 4th quarter worth $1,169,000. B. Metzler seel. Sohn & Co. AG acquired a new position in ConocoPhillips during the 2nd quarter valued at about $6,896,000. Jennison Associates LLC raised its stake in ConocoPhillips by 7.6% in the fourth quarter. Jennison Associates LLC now owns 153,240 shares of the energy producer’s stock valued at $14,345,000 after buying an additional 10,779 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in ConocoPhillips by 4.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,608,643 shares of the energy producer’s stock valued at $252,256,000 after buying an additional 102,577 shares during the last quarter. Finally, Nicholas Investment Partners LP acquired a new stake in ConocoPhillips in the second quarter worth about $6,498,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $129.57 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.88. The company has a 50 day simple moving average of $116.97 and a two-hundred day simple moving average of $118.48. The stock has a market cap of $155.66 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 1.38 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.34. The company had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The firm’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period last year, the firm earned $1.42 EPS. As a group, analysts predict that ConocoPhillips will post 10.55 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips’s payout ratio is presently 44.44%.

Insider Buying and Selling

In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on COP shares. Freedom Capital upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Weiss Ratings upgraded shares of ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Wall Street Zen raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Argus upped their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Finally, Zacks Research cut shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.