ConocoPhillips $COP Stock Holdings Boosted by Kayne Anderson Rudnick Investment Management LLC

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in ConocoPhillips by 22.9% during the first quarter, holding 20,937 shares valued at approximately $2.2 million.
• Other institutional investors, including Charles Schwab and Goldman Sachs, also significantly raised their positions in ConocoPhillips, reflecting strong institutional interest in the company.
• ConocoPhillips reported Q2 earnings of $1.42 EPS, exceeding estimates, and announced a quarterly dividend of $0.78 per share with a yield of 3.2%.

Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 22.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,937 shares of the energy producer's stock after acquiring an additional 3,902 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in ConocoPhillips were worth $2,199,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in COP. 10Elms LLP purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $28,000. Financial Network Wealth Advisors LLC grew its holdings in shares of ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after buying an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in shares of ConocoPhillips during the first quarter worth about $31,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips during the first quarter worth about $35,000. Finally, IMA Advisory Services Inc. purchased a new stake in shares of ConocoPhillips during the first quarter worth about $37,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on COP. Morgan Stanley reiterated an "overweight" rating and set a $123.00 price target (up from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Melius began coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 price target for the company. Piper Sandler raised their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Bank of America decreased their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada decreased their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research report on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.95.

ConocoPhillips Stock Performance

COP stock traded up $0.61 during trading on Friday, hitting $99.06. 4,594,203 shares of the company's stock traded hands, compared to its average volume of 6,974,235. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The stock has a fifty day moving average price of $94.16 and a two-hundred day moving average price of $93.18. The stock has a market capitalization of $123.72 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.67.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same quarter in the previous year, the firm earned $1.98 earnings per share. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be paid a dividend of $0.78 per share. The ex-dividend date is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.1%. ConocoPhillips's payout ratio is presently 41.88%.

Insider Activity at ConocoPhillips

In other news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company's stock.

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.