Davis Selected Advisers Acquires 31,295 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Davis Selected Advisers increased its stake in ConocoPhillips by 2.3%, owning over 1.4 million shares, making it the fund's 27th largest holding.
• ConocoPhillips reported $1.42 earnings per share for the last quarter, exceeding analyst expectations by 6 cents, and noted a year-over-year revenue increase of 4.3%.
• The company announced a quarterly dividend of $0.78 per share, translating to an annualized yield of 3.4%, with a payout ratio of 39.64%.

Davis Selected Advisers raised its stake in ConocoPhillips (NYSE:COP - Free Report) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,402,068 shares of the energy producer's stock after acquiring an additional 31,295 shares during the quarter. ConocoPhillips comprises approximately 0.8% of Davis Selected Advisers' investment portfolio, making the stock its 27th biggest holding. Davis Selected Advisers owned approximately 0.11% of ConocoPhillips worth $147,245,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. 10Elms LLP acquired a new stake in shares of ConocoPhillips during the 4th quarter worth approximately $28,000. Garde Capital Inc. acquired a new stake in shares of ConocoPhillips during the 1st quarter worth approximately $35,000. IMA Advisory Services Inc. acquired a new stake in shares of ConocoPhillips during the 1st quarter worth approximately $37,000. Fourth Dimension Wealth LLC acquired a new stake in shares of ConocoPhillips during the 4th quarter worth approximately $39,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter worth approximately $42,000. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Up 1.4%

COP traded up $1.31 during trading on Friday, reaching $93.91. The company had a trading volume of 8,764,610 shares, compared to its average volume of 6,026,880. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.13. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The business's fifty day moving average price is $92.77 and its 200 day moving average price is $93.66. The company has a market cap of $118.72 billion, a P/E ratio of 12.61, a PEG ratio of 2.44 and a beta of 0.67.

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

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's payout ratio is currently 39.64%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Citigroup lowered their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Mizuho lowered their price target on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Barclays decreased their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Bank of America decreased their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.63.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson acquired 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the transaction, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.24% of the stock is currently owned by corporate insiders.

ConocoPhillips 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.