ING Groep NV Buys 40,901 Shares of ConocoPhillips (NYSE:COP)

Key Points

• ING Groep NV increased its stake in ConocoPhillips by 15.1%, acquiring an additional 40,901 shares, bringing its total holdings to 311,135 shares valued at approximately $32.7 million.
• Multiple institutional investors have also boosted their stakes in ConocoPhillips, with Elevation Point Wealth Partners LLC increasing theirs by 83.0% and Schwartz Investment Counsel Inc. by 159.6% in the first quarter.
• Analysts have set varied price targets for ConocoPhillips, with Bank of America lowering their target from $107 to $106, while Wells Fargo increased theirs from $113 to $117, reflecting a consensus target price of $121.33.

ING Groep NV lifted its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 15.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 311,135 shares of the energy producer's stock after acquiring an additional 40,901 shares during the quarter. ING Groep NV's holdings in ConocoPhillips were worth $32,675,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after buying an additional 5,549,078 shares in the last quarter. Elevation Point Wealth Partners LLC boosted its stake in shares of ConocoPhillips by 83.0% in the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock worth $1,897,000 after acquiring an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. boosted its stake in shares of ConocoPhillips by 159.6% in the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock worth $5,125,000 after acquiring an additional 30,000 shares during the period. ORG Wealth Partners LLC lifted its holdings in ConocoPhillips by 853.3% in the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after purchasing an additional 5,922 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its holdings in ConocoPhillips by 151.1% in the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after purchasing an additional 54,900 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

COP has been the topic of several research analyst reports. Bank of America lowered their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Citigroup reduced their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Barclays decreased their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Scotiabank increased their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $121.33.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $92.75 on Monday. The firm has a market capitalization of $117.25 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67. The company's 50-day moving average is $91.97 and its 200 day moving average is $93.99. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The company had revenue of $16.18 billion during the quarter, compared to analysts' expectations of $15.74 billion. During the same quarter in the previous year, the business earned $2.05 EPS. Research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips's payout ratio is 39.64%.

Insider Transactions at ConocoPhillips

In other news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, for a total transaction 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 approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by company insiders.

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.

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