King Luther Capital Management Corp Buys 39,601 Shares of ConocoPhillips (NYSE:COP)

Key Points

• King Luther Capital Management Corp increased its holdings in ConocoPhillips by 1.7%, now owning approximately 2.37 million shares valued at around $248.9 million.
• ConocoPhillips recently reported a quarterly earnings per share of $1.42, exceeding analysts' expectations of $1.36, with revenue increasing by 4.3% year-over-year.
• The company announced a quarterly dividend of $0.78 per share, representing an annual yield of 3.3%, with the ex-dividend date on August 18th.

King Luther Capital Management Corp grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,370,357 shares of the energy producer's stock after purchasing an additional 39,601 shares during the period. ConocoPhillips comprises about 1.1% of King Luther Capital Management Corp's investment portfolio, making the stock its 22nd biggest holding. King Luther Capital Management Corp owned 0.19% of ConocoPhillips worth $248,935,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after buying an additional 5,549,078 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 worth $4,210,751,000 after buying an additional 31,736,423 shares during the last quarter. Capital International Investors boosted its stake in shares of ConocoPhillips by 4.9% in the 4th quarter. Capital International Investors now owns 31,287,113 shares of the energy producer's stock worth $3,101,989,000 after buying an additional 1,473,027 shares during the last quarter. Northern Trust Corp boosted its stake in shares of ConocoPhillips by 27.6% in the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock worth $1,364,364,000 after buying an additional 2,971,661 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of ConocoPhillips by 9.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,021,394 shares of the energy producer's stock worth $1,191,984,000 after buying an additional 1,078,707 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock traded down $0.35 during trading hours on Monday, hitting $93.56. The company's stock had a trading volume of 6,491,348 shares, compared to its average volume of 6,219,974. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The business has a 50 day moving average price of $92.91 and a two-hundred day moving average price of $93.53. The company has a market cap of $116.85 billion, a PE ratio of 12.56, a PEG ratio of 2.44 and a beta of 0.67.

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

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's payout ratio is 41.88%.

Insider Activity

In other news, EVP Kirk L. Johnson bought 5,300 shares of ConocoPhillips stock in a transaction dated Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on COP. Royal Bank Of Canada dropped their price target on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research note on Friday, July 11th. Citigroup dropped their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Wells Fargo & Company reiterated an "overweight" rating and set a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Morgan Stanley reiterated an "overweight" rating and set a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research report on Sunday. Finally, UBS Group lifted their target price on ConocoPhillips from $111.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $120.84.

About ConocoPhillips

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.