Assenagon Asset Management S.A. Increases Holdings in ConocoPhillips $COP

Key Points

• Assenagon Asset Management S.A. increased its stake in ConocoPhillips by 145.8% during the second quarter, owning approximately 2,933,286 shares worth $263.23 million.
• ConocoPhillips reported $1.42 earnings per share for its last quarterly results, surpassing analyst expectations, with revenues reaching $14.94 billion.
• The company declared a quarterly dividend of $0.78 per share, representing an annualized dividend of $3.12 and a dividend yield of 3.4%.

Assenagon Asset Management S.A. raised its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 145.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,933,286 shares of the energy producer's stock after purchasing an additional 1,740,009 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.23% of ConocoPhillips worth $263,233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of COP. Woodline Partners LP acquired a new position in ConocoPhillips during the fourth quarter worth about $7,704,000. First Heartland Consultants Inc. bought a new stake in ConocoPhillips in the fourth quarter valued at approximately $236,000. Cornerstone Advisory LLC boosted its holdings in ConocoPhillips by 16.1% in the fourth quarter. Cornerstone Advisory LLC now owns 2,971 shares of the energy producer's stock valued at $286,000 after acquiring an additional 411 shares during the last quarter. JT Stratford LLC boosted its holdings in ConocoPhillips by 41.3% in the fourth quarter. JT Stratford LLC now owns 6,779 shares of the energy producer's stock valued at $672,000 after acquiring an additional 1,983 shares during the last quarter. Finally, Vise Technologies Inc. boosted its holdings in ConocoPhillips by 65.5% in the fourth quarter. Vise Technologies Inc. now owns 19,641 shares of the energy producer's stock valued at $1,948,000 after acquiring an additional 7,775 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Up 2.5%

NYSE COP traded up $2.33 on Tuesday, reaching $94.34. 2,383,297 shares of the stock traded hands, compared to its average volume of 7,896,223. The company has a market cap of $117.82 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 2.42 and a beta of 0.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The company has a fifty day moving average price of $94.55 and a 200-day moving average price of $92.98.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.98 EPS. As a group, research analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on COP shares. Royal Bank Of Canada lowered their target price on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research report on Friday, July 11th. Morgan Stanley reiterated an "overweight" rating and issued a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. BMO Capital Markets upped their price target on ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a research note on Monday. UBS Group boosted their target price on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, Raymond James Financial lowered their target price on ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating on the stock in a report on Monday, September 8th. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and a consensus price target of $120.14.

About ConocoPhillips

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.