Summit Global Investments Acquires New Stake in ConocoPhillips (NYSE:COP)

Summit Global Investments purchased a new position in ConocoPhillips (NYSE:COP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,154 shares of the energy producer’s stock, valued at approximately $1,900,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Marshall Wace LLP increased its position in ConocoPhillips by 71.3% in the second quarter. Marshall Wace LLP now owns 305,359 shares of the energy producer’s stock worth $18,628,000 after buying an additional 127,136 shares in the last quarter. WINTON GROUP Ltd boosted its stake in shares of ConocoPhillips by 103.2% in the second quarter. WINTON GROUP Ltd now owns 348,948 shares of the energy producer’s stock worth $21,286,000 after acquiring an additional 177,213 shares during the period. Anchor Bolt Capital LP bought a new position in shares of ConocoPhillips in the second quarter worth about $10,401,000. NEXT Financial Group Inc boosted its stake in shares of ConocoPhillips by 18.1% in the second quarter. NEXT Financial Group Inc now owns 15,677 shares of the energy producer’s stock worth $956,000 after acquiring an additional 2,404 shares during the period. Finally, Laurel Wealth Advisors Inc. boosted its stake in shares of ConocoPhillips by 15.7% in the second quarter. Laurel Wealth Advisors Inc. now owns 9,144 shares of the energy producer’s stock worth $558,000 after acquiring an additional 1,240 shares during the period. Institutional investors and hedge funds own 71.40% of the company’s stock.

A number of research firms have recently weighed in on COP. Barclays began coverage on ConocoPhillips in a research note on Monday, August 19th. They issued an “overweight” rating and a $79.00 price objective for the company. ValuEngine raised ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Thursday, June 27th. Morgan Stanley dropped their price objective on ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. UBS Group raised ConocoPhillips from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $70.00 to $75.00 in a research note on Monday, September 16th. Finally, Mizuho raised ConocoPhillips from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $80.00 in a research note on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. ConocoPhillips currently has a consensus rating of “Buy” and a consensus target price of $75.69.



ConocoPhillips stock traded up $0.18 during midday trading on Wednesday, reaching $59.48. 5,580,930 shares of the stock traded hands, compared to its average volume of 6,693,707. The stock’s fifty day moving average is $54.51 and its 200-day moving average is $60.45. ConocoPhillips has a 12 month low of $50.13 and a 12 month high of $80.24. The stock has a market cap of $67.52 billion, a P/E ratio of 13.13, a PEG ratio of 1.66 and a beta of 1.05. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.45.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Tuesday, July 30th. The energy producer reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02). ConocoPhillips had a net margin of 18.33% and a return on equity of 15.96%. The firm had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $9.42 billion. During the same period in the previous year, the company posted $1.09 earnings per share. ConocoPhillips’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities analysts predict that ConocoPhillips will post 3.85 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, July 22nd were paid a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Friday, July 19th. ConocoPhillips’s payout ratio is presently 26.93%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

See Also: Understanding the Price to Earnings Ratio (PE)

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP).

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.