38,329 ConocoPhillips $COP Shares Bought by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management LLC nearly doubled its ConocoPhillips position in the third quarter, purchasing 38,329 additional shares for a total of 78,901 shares valued at approximately $9.87 million.
• ConocoPhillips reported quarterly earnings of $3.24 per share, exceeding estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion.
• The company pays a quarterly dividend of $0.84, equivalent to a 2.4% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $143.29.

NorthCrest Asset Manangement LLC boosted its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 94.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 78,901 shares of the energy producer's stock after purchasing an additional 38,329 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in ConocoPhillips were worth $9,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of COP. Frazier Financial Advisors LLC boosted its position in ConocoPhillips by 151.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in ConocoPhillips in the fourth quarter worth about $25,000. Ballast Advisors LLC purchased a new stake in shares of ConocoPhillips during the first quarter worth about $36,000. Evergreen Advisors LLC purchased a new stake in shares of ConocoPhillips during the first quarter worth about $36,000. Finally, Allied Private Wealth LLC acquired a new stake in ConocoPhillips in the 2nd quarter worth approximately $32,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $137.41 on Tuesday. The company's 50 day simple moving average is $130.02 and its 200-day simple moving average is $122.07. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $141.62. The company has a market capitalization of $165.08 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 1.38 and a beta of 0.24. 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 - Get Free Report) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $18.79 billion. During the same period in the prior year, the firm earned $1.42 earnings per share. The business's quarterly revenue was up 32.4% compared to the same quarter last year. As a group, equities research analysts expect that ConocoPhillips will post 10.84 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, August 17th. ConocoPhillips's dividend payout ratio is currently 44.44%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares in the company, valued at $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 available through this link. Company insiders own 0.09% of the company's stock.

Analyst Upgrades and Downgrades

COP has been the topic of several research reports. Wall Street Zen upgraded shares of ConocoPhillips from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of ConocoPhillips from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 29th. Barclays dropped their price objective on shares of ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Susquehanna increased their price objective on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley raised their target price on shares of ConocoPhillips from $147.00 to $151.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $143.29.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.