Jennison Associates LLC Has $35.92 Million Holdings in ConocoPhillips $COP

Key Points

• Jennison Associates LLC boosted its stake in ConocoPhillips by 77.6% in the first quarter, buying 118,874 additional shares and bringing its total holding to 272,114 shares worth about $35.9 million.
• Wall Street sentiment on ConocoPhillips is mixed but still constructive: analysts currently assign a Moderate Buy consensus rating with an average price target of $134.04, though several firms recently trimmed targets or downgraded the stock to hold.
• The company topped quarterly earnings expectations, reporting $1.89 EPS versus the $1.72 forecast and revenue of $15.76 billion. ConocoPhillips also paid a quarterly dividend of $0.84, equal to an annualized yield of about 2.9%.

Jennison Associates LLC increased its holdings in ConocoPhillips (NYSE:COP - Free Report) by 77.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,114 shares of the energy producer's stock after purchasing an additional 118,874 shares during the period. Jennison Associates LLC's holdings in ConocoPhillips were worth $35,919,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC grew its stake in shares of ConocoPhillips by 31.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer's stock valued at $8,067,000 after purchasing an additional 20,501 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of ConocoPhillips by 10.5% in the fourth quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer's stock valued at $14,572,000 after purchasing an additional 14,833 shares in the last quarter. Czech National Bank raised its position in ConocoPhillips by 2.7% in the 4th quarter. Czech National Bank now owns 325,841 shares of the energy producer's stock worth $30,502,000 after purchasing an additional 8,635 shares during the last quarter. BXM Wealth LLC raised its position in ConocoPhillips by 691.6% in the 4th quarter. BXM Wealth LLC now owns 40,016 shares of the energy producer's stock worth $3,746,000 after purchasing an additional 34,961 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in ConocoPhillips by 17.6% during the 4th quarter. Assetmark Inc. now owns 410,229 shares of the energy producer's stock worth $38,402,000 after buying an additional 61,361 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

COP has been the topic of a number of recent research reports. Zacks Research lowered ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Scotiabank upped their price target on ConocoPhillips from $100.00 to $125.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Truist Financial decreased their price target on ConocoPhillips from $128.00 to $115.00 and set a "hold" rating on the stock in a report on Wednesday, July 8th. Raymond James Financial lowered their price objective on ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a research report on Monday, June 1st. Finally, Argus boosted their price objective on ConocoPhillips from $128.00 to $136.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $134.04.

ConocoPhillips Price Performance

COP opened at $115.67 on Tuesday. The company has a fifty day moving average price of $113.48 and a two-hundred day moving average price of $113.67. The firm has a market capitalization of $140.92 billion, a PE ratio of 19.64, a P/E/G ratio of 1.39 and a beta of 0.12. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. During the same quarter in the prior year, the business posted $2.09 EPS. The firm's quarterly revenue was down 6.1% on a year-over-year basis. As a group, analysts anticipate that ConocoPhillips will post 9.2 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 annualized dividend and a yield of 2.9%. ConocoPhillips's dividend payout ratio is presently 57.05%.

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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