Wellington Management Group LLP Buys 1,609,759 Shares of ConocoPhillips $COP

Wellington Management Group LLP lifted its stake in shares of ConocoPhillips (NYSE:COP) by 12.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 15,072,154 shares of the energy producer’s stock after buying an additional 1,609,759 shares during the period. Wellington Management Group LLP’s holdings in ConocoPhillips were worth $1,566,901,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Archer Investment Corp purchased a new stake in ConocoPhillips in the second quarter worth about $172,000. Kingsview Wealth Management LLC bought a new stake in ConocoPhillips during the 2nd quarter valued at approximately $3,754,000. Beacon Pointe Advisors LLC purchased a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $7,832,000. Kimelman & Baird LLC purchased a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $712,000. Finally, Pin Oak Investment Advisors Inc. bought a new position in shares of ConocoPhillips in the 2nd quarter worth approximately $522,000. 82.36% of the stock is owned by institutional investors.

Insider Buying and Selling at ConocoPhillips

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the firm’s stock in a transaction 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 transaction, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on COP. Freedom Capital upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Morgan Stanley increased their price objective on ConocoPhillips from $147.00 to $151.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Wall Street Zen raised ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. The Goldman Sachs Group dropped their target price on shares of ConocoPhillips from $144.00 to $138.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Mizuho dropped their target price on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus price target of $140.29.

ConocoPhillips Price Performance

COP stock opened at $130.46 on Friday. The firm has a 50 day moving average price of $117.42 and a 200-day moving average price of $118.56. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.88. The firm has a market capitalization of $156.73 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 1.36 and a beta of 0.11. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54.

ConocoPhillips (NYSE:COP) last posted 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. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The company had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same quarter in the prior year, the business posted $1.42 EPS. The firm’s quarterly revenue was up 32.4% compared to the same quarter last year. Equities research analysts forecast that ConocoPhillips will post 10.55 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio is currently 44.44%.

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.