ConocoPhillips $COP Holdings Increased by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR increased its ConocoPhillips stake by 59.6% in the third quarter, adding 794,144 shares to hold about 2.13 million shares, valued at roughly $266 million.
• ConocoPhillips beat quarterly earnings and revenue estimates: EPS was $3.27 versus $3.05 expected, while revenue rose 29.2% year over year to $19.43 billion.
• The company raised its quarterly dividend from $0.84 to $0.93 per share, an annualized yield of about 2.7%. Analyst views were mixed, though the consensus rating was “Moderate Buy.”

Eurizon Capital SGR S.p.A. grew its position in ConocoPhillips (NYSE:COP - Free Report) by 59.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,126,398 shares of the energy producer's stock after acquiring an additional 794,144 shares during the period. ConocoPhillips comprises 0.7% of Eurizon Capital SGR S.p.A.'s portfolio, making the stock its 26th largest holding. Eurizon Capital SGR S.p.A. owned 0.18% of ConocoPhillips worth $266,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its holdings in ConocoPhillips by 73.2% during the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares in the last quarter. BlackRock Inc. lifted its position in ConocoPhillips by 3.0% in the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer's stock valued at $9,760,436,000 after purchasing an additional 2,712,703 shares during the period. Wellington Management Group LLP lifted its position 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 purchasing an additional 1,609,759 shares during the period. Dimensional Fund Advisors LP boosted its holdings in ConocoPhillips by 0.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer's stock valued at $1,457,978,000 after purchasing an additional 74,261 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in ConocoPhillips by 10.8% in the 1st quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer's stock valued at $1,344,017,000 after purchasing an additional 995,392 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Up 1.6%

NYSE:COP opened at $140.13 on Friday. ConocoPhillips has a 52-week low of $85.70 and a 52-week high of $154.28. The company has a quick ratio of 1.37, a current ratio of 1.52 and a debt-to-equity ratio of 0.34. The stock has a fifty day simple moving average of $137.15 and a 200-day simple moving average of $122.89. The company has a market capitalization of $165.68 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 1.26 and a beta of 0.16.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The energy producer reported $3.27 EPS for the quarter, beating analysts' consensus estimates of $3.05 by $0.22. ConocoPhillips had a net margin of 16.55% and a return on equity of 17.60%. The firm had revenue of $19.43 billion for the quarter, compared to analysts' expectations of $18.59 billion. During the same period in the prior year, the company earned $1.61 EPS. The firm's revenue was up 29.2% on a year-over-year basis. On average, equities research analysts expect that ConocoPhillips will post 12.13 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be given a dividend of $0.93 per share. The ex-dividend date is Monday, November 16th. This is an increase from ConocoPhillips's previous quarterly dividend of $0.84. This represents a $3.72 dividend on an annualized basis and a yield of 2.7%. ConocoPhillips's dividend payout ratio (DPR) is presently 35.29%.

Insider Activity

In other ConocoPhillips news, SVP Andrew 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 of the company's stock, valued at $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 is accessible through the SEC website. 0.09% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Susquehanna boosted their target price on ConocoPhillips from $161.00 to $175.00 and gave the stock a "positive" rating in a research report on Tuesday, October 20th. Sanford C. Bernstein cut ConocoPhillips from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $129.00 to $122.00 in a report on Wednesday. Morgan Stanley raised their price target on ConocoPhillips from $151.00 to $159.00 and gave the company an "overweight" rating in a report on Thursday, October 15th. Truist Financial lifted their price target on ConocoPhillips from $136.00 to $142.00 and gave the company a "hold" rating in a research note on Monday. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $156.00 price objective on shares of ConocoPhillips in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $144.73.

Key Headlines Impacting ConocoPhillips

Here are a few of the latest headlines about COP:

• Positive Sentiment: The company raised its dividend by 11% and is returning substantial cash through buybacks. Its latest reported quarter also topped analyst expectations for earnings and revenue, supporting the case for continued cash generation. ConocoPhillips (COP) Stock Looks Like A Bargain After Fresh Results
• Neutral Sentiment: ConocoPhillips’ Permian president discussed efforts to get more value from each well; the report does not specify quantified results or a new production target. ConocoPhillips Permian president talks unlocking more value from every well
• Negative Sentiment: Sanford C. Bernstein cut its rating from outperform to market perform and lowered its price target to $122, implying notable downside from the referenced share price. Sanford C. Bernstein stock recommendations

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids. The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources. ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.

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