AXQ Capital LP Makes New $2.50 Million Investment in ConocoPhillips $COP

Key Points

• AXQ Capital LP purchased 24,053 ConocoPhillips shares worth approximately $2.5 million in the second quarter. Institutional investors and hedge funds now own 82.36% of the company.
• 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 also maintains a quarterly dividend of $0.84, producing a 2.5% annualized yield.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $140.29, compared with the stock’s reported price of $135.48.

AXQ Capital LP purchased a new stake in ConocoPhillips (NYSE:COP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,053 shares of the energy producer's stock, valued at approximately $2,501,000.

Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE acquired a new stake in ConocoPhillips during the second quarter valued at approximately $1,260,482,000. Primecap Management Co. CA bought a new stake in ConocoPhillips during the second quarter valued at $1,204,726,000. Legal & General Group Plc bought a new stake in ConocoPhillips during the second quarter valued at $716,151,000. Jupiter Topco LLC acquired a new stake in shares of ConocoPhillips during the second quarter worth $427,954,000. Finally, Capital International Investors raised its holdings in shares of ConocoPhillips by 5.9% during the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock worth $4,527,230,000 after purchasing an additional 2,714,663 shares during the period. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Down 1.3%

ConocoPhillips stock opened at $135.48 on Friday. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $137.42. The stock has a market cap of $162.76 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.45 and a beta of 0.13. The company's 50-day moving average price is $119.58 and its two-hundred day moving average price is $119.33. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly 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 company had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. During the same period in the prior year, the business posted $1.42 EPS. The business's revenue for the quarter was up 32.4% compared to the same quarter last year. On average, analysts expect that ConocoPhillips will post 10.55 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Monday, August 17th. ConocoPhillips's payout ratio is presently 44.44%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on COP. Jefferies Financial Group increased their price objective on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Seaport Research Partners initiated coverage on ConocoPhillips in a report on Thursday. They issued a "neutral" rating on the stock. Wall Street Zen upgraded ConocoPhillips from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Raymond James Financial reissued an "underperform" rating and set a $168.00 target price on shares of ConocoPhillips in a research note on Monday, August 24th. Finally, Susquehanna upped their target price on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a "positive" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $140.29.

Insider Activity

In other news, SVP Andrew Lundquist sold 9,487 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares of the company's stock, valued at $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is owned by insiders.

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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