Acadian Asset Management LLC Buys 48,495 Shares of ConocoPhillips $COP

Key Points

• Acadian Asset Management LLC significantly increased its holdings in ConocoPhillips by acquiring 48,495 shares, bringing their total to 49,577 shares valued at approximately $5.2 million.
• ConocoPhillips reported $1.42 earnings per share for the most recent quarter, exceeding analysts' estimates, along with a revenue of $14.94 billion, indicating a 4.3% year-over-year increase.
• The company announced a quarterly dividend of $0.78 per share, translating to an annualized yield of 3.4% and a dividend payout ratio of 41.88%.

Acadian Asset Management LLC lifted its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 4,482.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,577 shares of the energy producer's stock after acquiring an additional 48,495 shares during the period. Acadian Asset Management LLC's holdings in ConocoPhillips were worth $5,204,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Elevation Point Wealth Partners LLC boosted its holdings in ConocoPhillips by 83.0% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock worth $1,897,000 after purchasing an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its holdings in ConocoPhillips by 159.6% during the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock worth $5,125,000 after purchasing an additional 30,000 shares during the last quarter. Aberdeen Group plc boosted its holdings in ConocoPhillips by 49.3% during the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer's stock worth $83,969,000 after purchasing an additional 264,726 shares during the last quarter. ORG Wealth Partners LLC boosted its holdings in ConocoPhillips by 853.3% during the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after purchasing an additional 5,922 shares during the last quarter. Finally, Hennessy Advisors Inc. boosted its holdings in ConocoPhillips by 151.1% during the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after purchasing an additional 54,900 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Performance

NYSE COP opened at $92.60 on Friday. The company's 50 day moving average is $94.75 and its 200-day moving average is $92.95. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The firm has a market cap of $115.65 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 2.48 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips's revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.98 EPS. Sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio is 41.88%.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

COP has been the topic of several analyst reports. Morgan Stanley restated an "overweight" rating and set a $123.00 price target (up from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Piper Sandler boosted their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Melius assumed coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a research note on Wednesday, September 3rd. Finally, Citigroup dropped their target price on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and an average price target of $120.86.

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.

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