Harrell Investment Partners LLC Increases Holdings in ConocoPhillips $COP

Key Points

• Harrell Investment Partners LLC increased its holdings in ConocoPhillips by 162.5%, owning 8,653 shares valued at $777,000 after purchasing an additional 5,357 shares in the second quarter.
• Institutional investors, including Charles Schwab Investment Management and Goldman Sachs, have significantly raised their positions, with Charles Schwab increasing its stake by 379.7% to over $4 billion.
• ConocoPhillips reported $1.42 EPS for the quarter, exceeding analysts' expectations, along with a quarterly dividend of $0.78 per share, representing an annual yield of 3.3%.

Harrell Investment Partners LLC increased its position in ConocoPhillips (NYSE:COP - Free Report) by 162.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,653 shares of the energy producer's stock after buying an additional 5,357 shares during the period. Harrell Investment Partners LLC's holdings in ConocoPhillips were worth $777,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in shares of ConocoPhillips by 379.7% in the first 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 in the last quarter. Wellington Management Group LLP lifted its position in shares of ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer's stock worth $3,319,746,000 after buying an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after buying an additional 2,080,625 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer's stock worth $861,490,000 after buying an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of ConocoPhillips in the first quarter worth about $658,981,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on COP. Citigroup decreased their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. BMO Capital Markets boosted their price objective on ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a research note on Monday. Melius Research started coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 price objective on the stock. Morgan Stanley reissued an "overweight" rating and set a $123.00 price objective (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Finally, UBS Group boosted their price objective on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $120.14.

ConocoPhillips Trading Up 2.2%

COP opened at $95.54 on Thursday. The stock has a market cap of $119.33 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 2.46 and a beta of 0.69. The stock's 50 day moving average price is $94.64 and its 200-day moving average price is $93.00. ConocoPhillips has a one year low of $79.88 and a one year 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.

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

ConocoPhillips Dividend Announcement

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