Envestnet Asset Management Inc. Increases Stock Position in ConocoPhillips $COP

Key Points

• Envestnet Asset Management increased its ConocoPhillips stake by 58.6% in the second quarter, adding 1.67 million shares to own 4.53 million shares worth approximately $470.5 million. Institutional investors collectively hold 82.36% of the company.
• Analysts maintain a generally positive outlook, with ConocoPhillips receiving a “Moderate Buy” consensus rating and an average price target of $141.24; UBS recently raised its target to $169.
• ConocoPhillips reported stronger-than-expected quarterly results, including $3.24 in earnings per share and $19.52 billion in revenue, while maintaining a quarterly dividend of $0.84 per share, yielding about 2.6% annually.

Envestnet Asset Management Inc. increased its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 58.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,526,206 shares of the energy producer's stock after acquiring an additional 1,672,707 shares during the period. Envestnet Asset Management Inc. owned approximately 0.38% of ConocoPhillips worth $470,544,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Frazier Financial Advisors LLC boosted its holdings in ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after buying an additional 145 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of ConocoPhillips during the 4th quarter worth approximately $25,000. Ballast Advisors LLC purchased a new position in ConocoPhillips in the 1st quarter valued at approximately $36,000. Evergreen Advisors LLC purchased a new position in ConocoPhillips in the 1st quarter valued at approximately $36,000. Finally, Allied Private Wealth LLC acquired a new position in ConocoPhillips during the second quarter worth $32,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on COP shares. Weiss Ratings raised ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a report on Monday, June 22nd. Argus upped their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Stifel Nicolaus initiated coverage on shares of ConocoPhillips in a research report on Thursday, September 10th. They issued a "hold" rating and a $148.00 price target on the stock. Finally, UBS Group lifted their price objective on ConocoPhillips from $153.00 to $169.00 and gave the stock a "buy" rating in a research report on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.24.

Insiders Place Their Bets

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the firm's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.09% of the company's stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $128.00 on Thursday. The firm has a 50 day simple moving average of $126.95 and a 200-day simple moving average of $121.40. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The firm has a market cap of $153.77 billion, a PE ratio of 16.93, a P/E/G ratio of 1.32 and a beta of 0.13. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $141.62.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating 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 in the previous year, the firm posted $1.42 EPS. ConocoPhillips's revenue was up 32.4% on a year-over-year basis. On average, equities analysts expect that ConocoPhillips will post 10.54 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.84 per share. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.6%. ConocoPhillips's dividend payout ratio is 44.44%.

About ConocoPhillips

ConocoPhillips NYSE: COP is an independent exploration and production company engaged primarily in finding, developing and producing crude oil, natural gas and natural gas liquids. The company sells its production to refiners, utilities, industrial customers and other energy market participants.

Its portfolio includes conventional and unconventional assets, with operations and development activities in the United States, including Alaska and the Lower 48, as well as Canada, Australia, Norway, Qatar and other international locations.

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