ConocoPhillips $COP Holdings Increased by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd increased its ConocoPhillips stake by 46.8% in the third quarter, purchasing 481,539 additional shares and bringing its holdings to 1.51 million shares valued at approximately $188.9 million.
• Institutional ownership remains high at 82.36%, with State Street increasing its position by 73.2% and several major investors initiating new stakes.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $143.62. ConocoPhillips recently exceeded earnings and revenue estimates and pays a quarterly dividend of $0.84, representing a 2.4% yield.

Ninety One UK Ltd raised its position in ConocoPhillips (NYSE:COP - Free Report) by 46.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,509,383 shares of the energy producer's stock after purchasing an additional 481,539 shares during the period. Ninety One UK Ltd owned 0.13% of ConocoPhillips worth $188,899,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of COP. State Street Corp lifted its holdings in ConocoPhillips by 73.2% in the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after buying an additional 50,116,727 shares during the period. Bank of America Corp DE purchased a new position in shares of ConocoPhillips during the second quarter valued at approximately $1,260,482,000. Primecap Management Co. CA purchased a new position in shares of ConocoPhillips during the second quarter valued at approximately $1,204,726,000. Legal & General Group Plc bought a new position in shares of ConocoPhillips during the second quarter valued at approximately $716,151,000. Finally, Jupiter Topco LLC bought a new position in shares of ConocoPhillips during the second quarter valued at approximately $427,954,000. 82.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Freedom Capital raised ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Truist Financial boosted their price objective on shares of ConocoPhillips from $130.00 to $136.00 and gave the company a "hold" rating in a research report on Wednesday, October 7th. Wells Fargo & Company upped their price objective on shares of ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Stifel Nicolaus started coverage on shares of ConocoPhillips in a report on Thursday, September 10th. They issued a "hold" rating and a $148.00 price objective for the company. Finally, Barclays dropped their target price on shares of ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, ConocoPhillips presently has an average rating of "Moderate Buy" and a consensus price target of $143.62.

Insiders Place Their Bets

In other 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 transaction of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company's stock.

ConocoPhillips Stock Down 0.1%

ConocoPhillips stock traded down $0.17 during trading hours on Thursday, hitting $142.17. The stock had a trading volume of 2,623,005 shares, compared to its average volume of 8,045,584. The stock has a market capitalization of $170.80 billion, a P/E ratio of 18.81, a price-to-earnings-growth ratio of 1.44 and a beta of 0.24. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $143.13. The stock's 50-day moving average price is $131.03 and its 200-day moving average price is $122.22.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping the consensus estimate of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The company had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same period last year, the company earned $1.42 EPS. ConocoPhillips's revenue for the quarter was up 32.4% on a year-over-year basis. Equities research analysts anticipate that ConocoPhillips will post 10.84 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips's payout ratio is 44.44%.

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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