Beacon Pointe Advisors LLC Takes $7.83 Million Position in ConocoPhillips $COP

Key Points

• Beacon Pointe Advisors acquired 75,311 ConocoPhillips shares worth approximately $7.83 million in the second quarter. Institutional investors collectively own 82.36% of the company.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $140.29. Several firms recently raised their targets, including Wells Fargo to $189 and Morgan Stanley to $151.
• ConocoPhillips exceeded quarterly expectations, reporting $3.24 EPS and $19.52 billion in revenue, while revenue increased 32.4% year over year. The company also declared a quarterly dividend of $0.84 per share, representing a 2.6% yield.

Beacon Pointe Advisors LLC purchased a new position in shares of ConocoPhillips (NYSE:COP - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 75,311 shares of the energy producer's stock, valued at approximately $7,832,000.

Other institutional investors also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $25,000. Strive Asset Management LLC purchased a new stake in ConocoPhillips during the 3rd quarter worth about $28,000. Frazier Financial Advisors LLC increased its stake in shares of ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after buying an additional 145 shares during the period. Allied Private Wealth LLC purchased a new position in ConocoPhillips in the second quarter valued at approximately $32,000. Finally, BNP Paribas purchased a new position in shares of ConocoPhillips during the second quarter worth about $33,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on COP shares. The Goldman Sachs Group dropped their price target on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Argus increased their target price on shares of ConocoPhillips from $136.00 to $153.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Freedom Capital raised ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Morgan Stanley upped their price objective on ConocoPhillips from $147.00 to $151.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Finally, Wells Fargo & Company raised their price target on ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $140.29.

Insider Buying and Selling

In related news, SVP Andrew D. Lundquist sold 9,487 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the transaction, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.09% of the company's stock.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $130.46 on Friday. The firm has a market cap of $156.73 billion, a P/E ratio of 17.26, a P/E/G ratio of 1.36 and a beta of 0.11. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The business's fifty day moving average is $117.42 and its two-hundred day moving average is $118.56. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.88.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $19.52 billion for the quarter, compared to analysts' expectations of $18.79 billion. During the same period last year, the firm earned $1.42 earnings per share. The business's revenue for the quarter was up 32.4% on a year-over-year basis. Equities research analysts forecast that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a $0.84 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.6%. ConocoPhillips's payout ratio is presently 44.44%.

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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