Braun Stacey Associates Inc. Increases Stock Position in ConocoPhillips $COP

Key Points

• Braun Stacey Associates increased its ConocoPhillips position by 8.4% in the second quarter, bringing its holdings to 206,194 shares worth approximately $21.4 million. Institutional investors collectively own 82.36% of the company.
• ConocoPhillips reported quarterly earnings of $3.24 per share, exceeding the $2.90 analyst consensus, while revenue rose 32.4% year over year to $19.52 billion. The company also declared a quarterly dividend of $0.84 per share, equivalent to a 2.6% yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $140.29, compared with the reported share price of $130.46. An executive separately sold 9,487 shares at an average price of $135.15.

Braun Stacey Associates Inc. boosted its position in ConocoPhillips (NYSE:COP - Free Report) by 8.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 206,194 shares of the energy producer's stock after acquiring an additional 15,926 shares during the period. Braun Stacey Associates Inc.'s holdings in ConocoPhillips were worth $21,436,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer's stock valued at $9,760,436,000 after acquiring an additional 2,712,703 shares in the last quarter. Capital International Investors lifted its stake in ConocoPhillips by 5.9% in the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock worth $4,527,230,000 after acquiring an additional 2,714,663 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in ConocoPhillips by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer's stock valued at $3,880,151,000 after acquiring an additional 2,350,645 shares in the last quarter. Wellington Management Group LLP boosted its holdings in ConocoPhillips by 12.0% in the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer's stock valued at $1,566,901,000 after acquiring an additional 1,609,759 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in ConocoPhillips by 4.5% during the 4th quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer's stock valued at $1,407,770,000 after purchasing an additional 648,432 shares during the period. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock opened at $130.46 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The firm has a market capitalization 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 business has a fifty day simple moving average of $117.42 and a two-hundred day simple moving average of $118.56. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.88.

ConocoPhillips (NYSE:COP - Get Free Report) last released its 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. The firm had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company's revenue was up 32.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.42 EPS. On average, equities analysts forecast that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend 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%.

Insiders Place Their Bets

In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.09% of the company's stock.

Wall Street Analysts Forecast Growth

COP has been the subject of several research analyst reports. Raymond James Financial reaffirmed an "underperform" rating and issued a $168.00 target price on shares of ConocoPhillips in a research report on Monday. Morgan Stanley boosted their price target on shares of ConocoPhillips from $147.00 to $151.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Argus increased their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the stock a "buy" rating in a research note on Wednesday, August 19th. Zacks Research lowered shares of ConocoPhillips from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Finally, Truist Financial lifted their price objective on ConocoPhillips from $115.00 to $130.00 and gave the company a "hold" rating in a research report on Monday, August 10th. One research 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 given a Sell rating to the company's stock. According to MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $140.29.

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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