Bank of New York Mellon Corp Buys 743,105 Shares of ConocoPhillips $COP

Key Points

• Bank of New York Mellon increased its ConocoPhillips stake by 7.3% in the second quarter, purchasing 743,105 shares and bringing its holdings to 10.93 million shares worth approximately $1.14 billion. Institutional investors and hedge funds collectively own 82.36% of COP.
• ConocoPhillips reported strong quarterly results, with adjusted EPS of $3.24 exceeding the $2.90 estimate and revenue rising 32.4% year over year to $19.52 billion. The company also declared a $0.84 quarterly dividend, equal to a 2.5% annual yield.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $139.21, although valuation and execution risks have increased as the stock trades near its 52-week high.

Bank of New York Mellon Corp grew its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 7.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,925,055 shares of the energy producer's stock after purchasing an additional 743,105 shares during the quarter. Bank of New York Mellon Corp owned about 0.90% of ConocoPhillips worth $1,135,769,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Kelleher Financial Advisors boosted its position in shares of ConocoPhillips by 40.6% during the 2nd quarter. Kelleher Financial Advisors now owns 634 shares of the energy producer's stock worth $66,000 after purchasing an additional 183 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of ConocoPhillips by 13.2% during the second quarter. Russell Investments Group Ltd. now owns 1,526,837 shares of the energy producer's stock valued at $158,736,000 after acquiring an additional 177,578 shares in the last quarter. TFR Capital LLC. raised its position in shares of ConocoPhillips by 0.6% during the second quarter. TFR Capital LLC. now owns 17,780 shares of the energy producer's stock worth $1,848,000 after purchasing an additional 109 shares during the period. One Wealth Advisors LLC grew its position in ConocoPhillips by 27.7% in the 2nd quarter. One Wealth Advisors LLC now owns 4,582 shares of the energy producer's stock valued at $476,000 after purchasing an additional 994 shares during the period. Finally, Maridea Wealth Management LLC acquired a new position in ConocoPhillips during the second quarter worth $337,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COP has been the topic of several research reports. Capital One Financial lowered their price objective on shares of ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating on the stock in a research report on Monday, May 18th. The Goldman Sachs Group decreased their price target on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Weiss Ratings upgraded ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Wall Street Zen raised ConocoPhillips from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Mizuho cut their price target on ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $139.21.

Key Headlines Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Rising crude prices are supporting ConocoPhillips’ expected cash flow and earnings, providing the clearest near-term catalyst for the stock. ConocoPhillips gains as higher oil prices add to post-earnings momentum
• Positive Sentiment: Second-quarter adjusted earnings of $3.24 per share exceeded expectations, while $7.2 billion in operating cash flow, doubled share repurchases and a $0.84 quarterly dividend reinforced the company’s capital-return appeal. Full-year guidance was reaffirmed.
• Positive Sentiment: Argus raised its price target to $153 from $136 and maintained a Buy rating. The broader analyst consensus remains constructive, with a reported median target of $146 and no recent sell ratings. Argus raises ConocoPhillips price target
• Positive Sentiment: Analysts and investors continue to cite ConocoPhillips’ low-cost inventory, LNG-related growth and potential cash-flow catalysts as support for its longer-term outlook. ConocoPhillips has low-cost inventory and a major cash flow catalyst ahead
• Neutral Sentiment: Aker BP’s agreement to acquire Apache and ConocoPhillips stakes offshore Norway could streamline the portfolio, although the immediate financial effect was not specified. Aker BP to buy Apache and ConocoPhillips stakes offshore Norway
• Negative Sentiment: Valuation and execution risks are tempering the bullish outlook: the stock trades near its 52-week high, while investors are already paying a premium for earnings momentum and LNG growth. Is ConocoPhillips stock a buy as growth meets a premium valuation?
• Negative Sentiment: Insiders have reported 12 open-market sales and no purchases over the past six months, including substantial sales by senior executives. This may signal caution, although insider transactions can reflect compensation or diversification rather than a fundamental view.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $135.00 on Friday. The stock has a market capitalization of $162.18 billion, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 1.44 and a beta of 0.11. ConocoPhillips has a one year low of $85.57 and a one year high of $135.87. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The business's 50 day simple moving average is $114.92 and its two-hundred day simple moving average is $117.53.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) 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 business had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. During the same quarter last year, the firm earned $1.42 EPS. The company's revenue was up 32.4% on a year-over-year basis. Analysts forecast that ConocoPhillips will post 10.06 EPS for the current year.

ConocoPhillips Announces Dividend

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

About ConocoPhillips

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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