HighTower Advisors LLC Grows Stake in ConocoPhillips $COP

Key Points

• HighTower Advisors increased its ConocoPhillips stake by 12.7% in the second quarter, bringing its holdings to 846,912 shares valued at approximately $88 million. Institutional investors collectively own 82.36% of the company.
• Analyst sentiment remains favorable, with ConocoPhillips carrying a consensus “Moderate Buy” rating and an average price target of $140.29. Recent target increases from Argus and Morgan Stanley offset Goldman Sachs’ reduction.
• ConocoPhillips reported quarterly EPS of $3.24, exceeding estimates by $0.34, while revenue rose 32.4% year over year to $19.52 billion. The company also pays a quarterly dividend of $0.84 per share, equivalent to a 2.5% annual yield.

HighTower Advisors LLC increased its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 12.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 846,912 shares of the energy producer's stock after purchasing an additional 95,257 shares during the period. HighTower Advisors LLC owned 0.07% of ConocoPhillips worth $88,045,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. B. Metzler seel. Sohn & Co. AG acquired a new stake in ConocoPhillips in the 2nd quarter valued at about $6,896,000. Qsemble Capital Management LP purchased a new position in ConocoPhillips in the 2nd quarter worth approximately $3,645,000. Nicholas Investment Partners LP acquired a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $6,498,000. Northwestern Mutual Wealth Management Co. grew its position in shares of ConocoPhillips by 255.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,857,206 shares of the energy producer's stock valued at $173,853,000 after purchasing an additional 1,334,687 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of ConocoPhillips by 3,112.4% in the second quarter. Caitong International Asset Management Co. Ltd now owns 17,604 shares of the energy producer's stock valued at $1,830,000 after purchasing an additional 17,056 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Wall Street Analyst Weigh In

COP has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price objective on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings raised ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Argus lifted their price target on ConocoPhillips from $136.00 to $153.00 and gave the stock a "buy" rating in a report on Wednesday, August 19th. Freedom Capital raised shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Finally, Morgan Stanley upped their price objective on shares of ConocoPhillips from $147.00 to $151.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $140.29.

ConocoPhillips Price Performance

NYSE:COP opened at $134.23 on Tuesday. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $137.42. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $161.26 billion, a P/E ratio of 17.76, a P/E/G ratio of 1.41 and a beta of 0.13. The stock's fifty day moving average is $120.75 and its two-hundred day moving average is $119.67.

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

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.5%. ConocoPhillips's dividend payout ratio (DPR) is currently 44.44%.

Insider Activity

In other news, SVP Andrew Lundquist sold 9,487 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the transaction, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.09% of the company's stock.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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