Envestnet Portfolio Solutions Inc. Boosts Position in ConocoPhillips $COP

Key Points

• Envestnet Portfolio Solutions increased its ConocoPhillips stake by 40.9% in the second quarter, bringing its holdings to 187,217 shares valued at approximately $19.5 million. Institutional investors own 82.36% of the company.
• Analysts maintain a “Moderate Buy” consensus, with 17 Buy ratings and an average price target of $141.24; UBS and Wells Fargo recently raised their targets.
• ConocoPhillips beat quarterly earnings expectations with $3.24 in EPS and $19.52 billion in revenue, while paying a quarterly dividend of $0.84 per share, equivalent to a 2.6% yield.

Envestnet Portfolio Solutions Inc. boosted its position in ConocoPhillips (NYSE:COP - Free Report) by 40.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 187,217 shares of the energy producer's stock after purchasing an additional 54,340 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in ConocoPhillips were worth $19,463,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. State Street Corp boosted its stake in shares of 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 last quarter. Bank of America Corp DE bought a new position in ConocoPhillips in the 2nd quarter worth $1,260,482,000. Primecap Management Co. CA bought a new position in ConocoPhillips in the 2nd quarter worth $1,204,726,000. Legal & General Group Plc purchased a new position in ConocoPhillips during the second quarter valued at $716,151,000. Finally, Jupiter Topco LLC purchased a new position in ConocoPhillips during the second quarter valued at $427,954,000. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. UBS Group upped their price target on ConocoPhillips from $153.00 to $169.00 and gave the stock a "buy" rating in a research report on Monday, September 14th. Weiss Ratings upgraded shares of ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Wells Fargo & Company raised their price objective on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Raymond James Financial restated an "underperform" rating and set a $168.00 target price on shares of ConocoPhillips in a research note on Monday, August 24th. Finally, Roth Capital raised shares of ConocoPhillips from a "neutral" rating to a "buy" rating and upped their target price for the stock from $124.00 to $130.00 in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $141.24.

ConocoPhillips Trading Up 2.2%

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

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping the consensus estimate of $2.90 by $0.34. The firm had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company's quarterly revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 earnings per share. On average, equities analysts expect that ConocoPhillips will post 10.54 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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

Insider Buying and Selling at ConocoPhillips

In other 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 transaction of $1,282,168.05. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Company Profile

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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