Peak Asset Management LLC Invests $7.84 Million in ConocoPhillips $COP

Peak Asset Management LLC bought a new position in ConocoPhillips (NYSE:COP) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 75,381 shares of the energy producer’s stock, valued at approximately $7,837,000. ConocoPhillips makes up approximately 1.2% of Peak Asset Management LLC’s investment portfolio, making the stock its 25th biggest holding.

Several other large investors have also recently bought and sold shares of COP. D.A. Davidson & CO. increased its position in shares of ConocoPhillips by 10.5% in the fourth quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock worth $14,572,000 after purchasing an additional 14,833 shares during the last quarter. Mach 1 Financial Group LLC purchased a new position in ConocoPhillips in the 4th quarter worth approximately $1,169,000. B. Metzler seel. Sohn & Co. AG bought a new position in shares of ConocoPhillips in the 2nd quarter worth $6,896,000. Jennison Associates LLC increased its holdings in shares of ConocoPhillips by 7.6% in the 4th quarter. Jennison Associates LLC now owns 153,240 shares of the energy producer’s stock worth $14,345,000 after buying an additional 10,779 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of ConocoPhillips by 4.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,608,643 shares of the energy producer’s stock worth $252,256,000 after acquiring an additional 102,577 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

Insider Activity at ConocoPhillips

In other news, SVP Andrew D. 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 transaction of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.09% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $133.37 on Tuesday. 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 has a one year low of $85.57 and a one year high of $135.88. The business’s 50 day simple moving average is $115.73 and its two-hundred day simple moving average is $117.97. The stock has a market capitalization of $160.22 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 1.43 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $19.52 billion for the quarter, compared to analysts’ expectations of $18.79 billion. During the same quarter last year, the business earned $1.42 earnings per share. The business’s revenue was up 32.4% on a year-over-year basis. Analysts forecast that ConocoPhillips will post 10.46 EPS for the current year.

ConocoPhillips Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on COP shares. BMO Capital Markets cut their target price on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Wells Fargo & Company upped their price objective on ConocoPhillips from $183.00 to $189.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Freedom Capital upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Jefferies Financial Group raised their price objective on ConocoPhillips from $160.00 to $161.00 and gave the company a “buy” rating in a report on Monday, May 18th. Finally, Mizuho dropped their target price on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.