ConocoPhillips $COP Shares Bought by Shulman DeMeo Asset Management LLC

Key Points

• Shulman DeMeo Asset Management increased its ConocoPhillips position by 376.1% in the third quarter, ending with 15,735 shares valued at approximately $1.97 million. Institutional investors collectively own 82.36% of the company.
• ConocoPhillips reported quarterly earnings of $3.24 per share, exceeding estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion. The company also maintains a quarterly dividend of $0.84 per share, yielding about 2.5% annually.
• Analysts remain broadly positive, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $143.29, compared with a recent trading price of $134.12.

Shulman DeMeo Asset Management LLC increased its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 376.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,735 shares of the energy producer's stock after buying an additional 12,430 shares during the period. ConocoPhillips accounts for 0.7% of Shulman DeMeo Asset Management LLC's holdings, making the stock its 20th biggest holding. Shulman DeMeo Asset Management LLC's holdings in ConocoPhillips were worth $1,969,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of COP. State Street Corp grew its holdings in ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after acquiring an additional 50,116,727 shares during the period. BlackRock Inc. lifted its stake in shares of ConocoPhillips by 3.0% in the 2nd 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 boosted its position in shares of ConocoPhillips by 12.0% during the 2nd 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 in the last quarter. Invesco Ltd. boosted its position in shares of ConocoPhillips by 2.2% during the 4th quarter. Invesco Ltd. now owns 13,413,036 shares of the energy producer's stock valued at $1,255,594,000 after purchasing an additional 290,888 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in ConocoPhillips during the second quarter worth approximately $1,260,482,000. Institutional investors and hedge funds own 82.36% of the company's stock.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction on 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 transaction, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Price Performance

ConocoPhillips stock traded down $0.07 during mid-day trading on Friday, hitting $134.12. 3,838,279 shares of the company traded hands, compared to its average volume of 8,112,801. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. ConocoPhillips has a one year low of $85.57 and a one year high of $141.62. The stock has a market cap of $161.12 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 1.35 and a beta of 0.24. The stock has a fifty day moving average price of $129.66 and a 200-day moving average price of $122.05.

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. The firm had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business's revenue for the quarter was up 32.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.42 EPS. On average, equities analysts predict that ConocoPhillips will post 10.68 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, August 17th. ConocoPhillips's dividend payout ratio (DPR) is presently 44.44%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on COP shares. Jefferies Financial Group lifted their target price on ConocoPhillips from $159.00 to $174.00 and gave the stock a "buy" rating in a report on Tuesday. Susquehanna increased their target price on ConocoPhillips from $155.00 to $161.00 and gave the stock a "positive" rating in a report on Tuesday, August 11th. Morgan Stanley boosted their price objective on shares of ConocoPhillips from $147.00 to $151.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Wall Street Zen upgraded shares of ConocoPhillips from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Roth Capital raised shares of ConocoPhillips from a "neutral" rating to a "buy" rating and raised their price target for the company from $124.00 to $130.00 in a report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, ConocoPhillips has a consensus rating of "Moderate Buy" and an average target price of $143.29.

ConocoPhillips 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.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.