Assenagon Asset Management S.A. Boosts Stock Position in ConocoPhillips $COP

Key Points

• Assenagon Asset Management increased its ConocoPhillips stake by 49.6% in the first quarter, adding 566,295 shares and bringing its total holding to 1.71 million shares worth about $225.6 million.
• ConocoPhillips stock was down 2.6% and opened at $107.10, well below its 50-day moving average of $117.80, as recent coverage tied weakness in the shares to crude oil pressure.
• The company beat first-quarter earnings expectations with $1.89 EPS versus $1.72 expected and continued its dividend with a quarterly payout of $0.84 per share, implying an annualized yield of about 3.1%.

Assenagon Asset Management S.A. boosted its position in ConocoPhillips (NYSE:COP - Free Report) by 49.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,708,828 shares of the energy producer's stock after purchasing an additional 566,295 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.14% of ConocoPhillips worth $225,565,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in ConocoPhillips during the 4th quarter valued at about $25,000. Strive Asset Management LLC purchased a new stake in shares of ConocoPhillips during the third quarter worth about $28,000. Board of the Pension Protection Fund acquired a new position in shares of ConocoPhillips during the fourth quarter valued at about $28,000. KERR FINANCIAL PLANNING Corp acquired a new position in shares of ConocoPhillips during the third quarter valued at about $28,000. Finally, Sfam LLC purchased a new position in shares of ConocoPhillips in the 4th quarter valued at approximately $34,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 2.6%

NYSE:COP opened at $107.10 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14. The company's fifty day moving average price is $117.80 and its 200-day moving average price is $111.77. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The firm has a market capitalization of $130.48 billion, a P/E ratio of 18.18, a PEG ratio of 1.22 and a beta of 0.11.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion during the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm's quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.09 earnings per share. As a group, equities research analysts anticipate that ConocoPhillips will post 10.03 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is currently 57.05%.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Roth Capital upgraded ConocoPhillips to Buy from Neutral, which can support the stock by signaling improved upside potential and valuation appeal. Roth Capital Upgrades ConocoPhillips (COP) to Buy. Here is Why
• Positive Sentiment: ConocoPhillips was highlighted among top S&P 500 dividend stocks, with an annual dividend yield around 3%, reinforcing its appeal for income-focused investors. 5 Best S&P 500 Stocks to Buy for Dividends
• Neutral Sentiment: Commentary suggested COP could benefit if crude prices remain firm, but the article was largely speculative and did not include a concrete catalyst. Should You Buy ConocoPhillips With Oil Below $75 a Barrel?
• Neutral Sentiment: Several energy-sector pieces focused on upstream pricing and crude-market conditions, which underscore that COP’s near-term direction remains closely tied to oil prices. ConocoPhillips NYSE: COP Slips As Crude Oil Pressure Builds
• Negative Sentiment: Recent coverage noted ConocoPhillips slipped as crude oil pressure built, and a broader risk-off tone in energy has likely contributed to the stock’s decline. ConocoPhillips (COP) Registers a Bigger Fall Than the Market: Important Facts to Note

Insiders Place Their Bets

In other ConocoPhillips news, CEO Ryan Michael Lance sold 113,221 shares of the business's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total value of $15,025,558.91. Following the completion of the transaction, the chief executive officer directly owned 350,000 shares of the company's stock, valued at approximately $46,448,500. The trade was a 24.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.09% of the company's stock.

Analysts Set New Price Targets

COP has been the topic of a number of recent analyst reports. Royal Bank Of Canada set a $130.00 price target on shares of ConocoPhillips in a research note on Monday. Wall Street Zen upgraded shares of ConocoPhillips from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Truist Financial set a $128.00 price objective on shares of ConocoPhillips in a report on Friday, May 1st. Capital One Financial cut their target price on ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating on the stock in a research report on Monday, May 18th. Finally, Susquehanna raised their target price on ConocoPhillips from $149.00 to $152.00 in a research note on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, ConocoPhillips has a consensus rating of "Moderate Buy" and an average target price of $134.32.

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.

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