ConocoPhillips $COP Shares Bought by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC significantly increased its position in ConocoPhillips, buying 27,769 shares and raising their ownership by 665.6% to a total of 31,941 shares, valued at approximately $2.87 million.
• A number of institutional investors, including Charles Schwab and AQR Capital Management, have also greatly expanded their holdings in ConocoPhillips, highlighting growing interest from the investment community.
• ConocoPhillips recently reported a quarterly EPS of $1.42, exceeding analysts' expectations, and announced a dividend of $0.78 per share, maintaining an annualized yield of 3.3%.

SteelPeak Wealth LLC increased its position in ConocoPhillips (NYSE:COP - Free Report) by 665.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,941 shares of the energy producer's stock after acquiring an additional 27,769 shares during the period. SteelPeak Wealth LLC's holdings in ConocoPhillips were worth $2,866,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COP. Charles Schwab Investment Management Inc. grew its stake in ConocoPhillips by 379.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock valued at $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new stake in shares of ConocoPhillips in the first quarter valued at about $658,981,000. AQR Capital Management LLC grew its position in shares of ConocoPhillips by 190.5% in the first quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after purchasing an additional 2,080,625 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of ConocoPhillips by 53.8% during the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer's stock worth $550,334,000 after purchasing an additional 1,834,118 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Evercore ISI lowered their target price on ConocoPhillips from $115.00 to $111.00 and set an "outperform" rating on the stock in a report on Monday. Wall Street Zen upgraded ConocoPhillips from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Weiss Ratings restated a "hold (c-)" rating on shares of ConocoPhillips in a report on Saturday, September 27th. Mizuho decreased their price target on shares of ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Finally, Melius assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price objective for the company. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and an average target price of $117.32.

ConocoPhillips Trading Up 0.7%

Shares of COP stock opened at $94.86 on Tuesday. The firm's 50-day simple moving average is $94.88 and its 200-day simple moving average is $92.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The firm has a market cap of $118.47 billion, a P/E ratio of 12.73, a PEG ratio of 2.49 and a beta of 0.62.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.98 earnings per share. As a group, equities analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.

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