BlackRock Inc. Raises Stock Position in ConocoPhillips $COP

Key Points

• BlackRock increased its ConocoPhillips position by 3% in the second quarter, holding 93.9 million shares valued at approximately $9.76 billion, or 7.71% of the company. Institutional investors collectively own 82.36% of COP.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $137.48, despite several firms lowering their targets.
• ConocoPhillips exceeded quarterly earnings and revenue expectations, reporting $3.24 in EPS and $19.52 billion in revenue, while declaring a quarterly dividend of $0.84 per share, yielding about 2.6% annually.

BlackRock Inc. lifted its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 3.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,886,457 shares of the energy producer's stock after acquiring an additional 2,712,703 shares during the quarter. BlackRock Inc. owned 7.71% of ConocoPhillips worth $9,760,436,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. AXA S.A. grew its stake in ConocoPhillips by 91.1% in the 2nd quarter. AXA S.A. now owns 84,937 shares of the energy producer's stock valued at $7,622,000 after acquiring an additional 40,499 shares during the last quarter. Sei Investments Co. raised its position in shares of ConocoPhillips by 6.1% during the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer's stock worth $70,397,000 after purchasing an additional 44,852 shares during the last quarter. BNP Paribas acquired a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $33,000. Osterweis Capital Management Inc. purchased a new stake in ConocoPhillips in the 2nd quarter valued at approximately $151,000. Finally, Main Street Financial Solutions LLC lifted its stake in ConocoPhillips by 53.5% in the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer's stock valued at $431,000 after buying an additional 1,675 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on COP. Barclays dropped their price target on ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday. Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a report on Monday, June 22nd. The Goldman Sachs Group decreased 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. Mizuho lowered their price target on shares of ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a report on Tuesday, July 7th. Finally, Weiss Ratings raised shares of ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $137.48.

ConocoPhillips Stock Up 1.8%

COP opened at $129.82 on Wednesday. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.87. The business has a 50-day moving average of $114.31 and a two-hundred day moving average of $117.12. 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 stock has a market capitalization of $155.96 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.40 and a beta of 0.11.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $18.79 billion. During the same period last year, the company earned $1.42 earnings per share. The company's quarterly revenue was up 32.4% on a year-over-year basis. On average, research analysts expect that ConocoPhillips will post 10.05 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips's dividend payout ratio (DPR) is 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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