Cohen Klingenstein LLC Buys 39,400 Shares of ConocoPhillips $COP

Key Points

• Cohen Klingenstein LLC increased its ConocoPhillips stake by 138.2% in the third quarter, purchasing 39,400 additional shares and bringing its holdings to 67,900 shares valued at approximately $8.5 million.
• Institutional ownership remains high at 82.36%, with Assenagon Asset Management making the largest reported increase by adding more than 7.5 million shares.
• ConocoPhillips reported quarterly results above expectations, with EPS of $3.24 versus the $2.90 consensus and revenue of $19.52 billion. Analysts maintain a “Moderate Buy” consensus, while the company pays a quarterly dividend of $0.84, yielding about 2.4% annually.

Cohen Klingenstein LLC grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 138.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,900 shares of the energy producer's stock after purchasing an additional 39,400 shares during the period. Cohen Klingenstein LLC's holdings in ConocoPhillips were worth $8,498,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. AdvisorNet Financial Inc grew its holdings in shares of ConocoPhillips by 137.8% in the third quarter. AdvisorNet Financial Inc now owns 10,972 shares of the energy producer's stock worth $1,373,000 after acquiring an additional 6,358 shares during the period. Saxony Capital Management LLC increased its position in ConocoPhillips by 11.1% during the third quarter. Saxony Capital Management LLC now owns 5,353 shares of the energy producer's stock valued at $670,000 after acquiring an additional 535 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in ConocoPhillips by 1,181.0% in the third quarter. Assenagon Asset Management S.A. now owns 8,172,490 shares of the energy producer's stock valued at $1,022,787,000 after acquiring an additional 7,534,536 shares during the period. Retirement Planning Co of New England Inc. lifted its holdings in ConocoPhillips by 425.5% in the third quarter. Retirement Planning Co of New England Inc. now owns 13,809 shares of the energy producer's stock valued at $1,728,000 after acquiring an additional 11,181 shares during the period. Finally, Mystic Asset Management Inc. boosted its position in ConocoPhillips by 17.2% in the third quarter. Mystic Asset Management Inc. now owns 10,594 shares of the energy producer's stock worth $1,401,000 after purchasing an additional 1,552 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $141.66 on Friday. The stock has a 50-day simple moving average of $131.53 and a two-hundred day simple moving average of $122.27. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $143.13. 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 firm has a market capitalization of $170.19 billion, a PE ratio of 18.74, a P/E/G ratio of 1.46 and a beta of 0.24.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The business had revenue of $19.52 billion during the quarter, compared to analysts' expectations of $18.79 billion. During the same quarter in the prior year, the business posted $1.42 earnings per share. The business's quarterly revenue was up 32.4% on a year-over-year basis. Analysts forecast that ConocoPhillips will post 10.84 EPS for the current year.

ConocoPhillips Dividend Announcement

The company 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 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips's dividend payout ratio is currently 44.44%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded ConocoPhillips from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Argus upped their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the company a "buy" rating in a research report on Wednesday, August 19th. Raymond James Financial reiterated an "underperform" rating and issued a $168.00 price objective on shares of ConocoPhillips in a research note on Monday, August 24th. The Goldman Sachs Group lowered their price objective 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. Finally, Barclays dropped their price objective on shares of ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $143.62.

Insider Buying and Selling

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.09% of the company's stock.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.

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