Park Avenue Securities LLC Increases Stock Position in ConocoPhillips (NYSE:COP)

Park Avenue Securities LLC grew its position in ConocoPhillips (NYSE:COP) by 10.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 47,394 shares of the energy producer’s stock after purchasing an additional 4,319 shares during the period. Park Avenue Securities LLC’s holdings in ConocoPhillips were worth $5,421,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in ConocoPhillips by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after buying an additional 8,479,963 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of ConocoPhillips by 0.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 27,672,104 shares of the energy producer’s stock worth $3,211,901,000 after purchasing an additional 108,956 shares in the last quarter. Capital International Investors increased its stake in shares of ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after purchasing an additional 1,856,085 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ConocoPhillips by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock worth $1,907,542,000 after purchasing an additional 826,529 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of ConocoPhillips by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,011,035 shares of the energy producer’s stock worth $1,394,162,000 after purchasing an additional 270,859 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Up 1.1 %

NYSE COP traded up $1.14 during trading on Wednesday, hitting $106.94. The company had a trading volume of 7,734,816 shares, compared to its average volume of 5,714,311. The company has a current ratio of 1.33, a quick ratio of 1.21 and a debt-to-equity ratio of 0.34. The company’s fifty day moving average is $112.24 and its 200-day moving average is $117.13. The company has a market cap of $125.07 billion, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 2.14 and a beta of 1.24. ConocoPhillips has a one year low of $102.27 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion during the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. ConocoPhillips’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the business earned $1.84 EPS. On average, sell-side analysts predict that ConocoPhillips will post 8.73 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.17%. The ex-dividend date is Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is 26.27%.

Analyst Upgrades and Downgrades

COP has been the subject of several recent research reports. Mizuho reduced their target price on shares of ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research note on Wednesday, June 5th. Piper Sandler lifted their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Wells Fargo & Company cut their price objective on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Barclays raised their price objective on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, UBS Group cut their price objective on shares of ConocoPhillips from $159.00 to $151.00 and set a “buy” rating for the company in a research report on Tuesday. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.53.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.