Legacy Wealth Management LLC MS Boosts Stock Position in ConocoPhillips $COP

Key Points

• Legacy Wealth Management LLC MS boosted its holdings in ConocoPhillips by 15.0% during the 2nd quarter, acquiring an additional 4,208 shares, bringing its total to 32,214 shares.
• ConocoPhillips reported $1.42 EPS for the last quarter, exceeding analysts' estimates by $0.06, along with a revenue of $14.94 billion.
• The company announced a quarterly dividend of $0.78 per share, representing an annualized yield of 3.4% with a payout ratio of 41.88%.

Legacy Wealth Management LLC MS boosted its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 15.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,214 shares of the energy producer's stock after purchasing an additional 4,208 shares during the quarter. ConocoPhillips makes up approximately 0.9% of Legacy Wealth Management LLC MS's holdings, making the stock its 29th largest holding. Legacy Wealth Management LLC MS's holdings in ConocoPhillips were worth $2,891,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of COP. Charles Schwab Investment Management Inc. increased its holdings in ConocoPhillips by 379.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new stake in ConocoPhillips during the 1st quarter worth approximately $658,981,000. AQR Capital Management LLC increased its holdings in ConocoPhillips by 190.5% during the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock worth $484,539,000 after purchasing an additional 3,058,505 shares during the last quarter. GAMMA Investing LLC increased its holdings in ConocoPhillips by 10,440.1% during the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after purchasing an additional 2,936,066 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after purchasing an additional 2,080,625 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 1.6%

NYSE:COP opened at $92.60 on Friday. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The firm has a market capitalization of $115.65 billion, a P/E ratio of 12.43, a P/E/G ratio of 2.48 and a beta of 0.69. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The business has a 50 day simple moving average of $94.75 and a 200 day simple moving average of $92.98.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business 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 posted $1.98 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts predict 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 Tuesday, September 2nd. Investors of record on Monday, August 18th were given a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. ConocoPhillips's payout ratio is currently 41.88%.

Analyst Ratings Changes

Several equities research analysts have issued reports on COP shares. Melius started coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 price objective on the stock. Citigroup decreased their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Morgan Stanley reiterated an "overweight" rating and issued a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Bank of America decreased their target price on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, UBS Group lifted their target price on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $120.86.

Insider Transactions at ConocoPhillips

In related news, EVP Kirk L. Johnson acquired 5,300 shares of ConocoPhillips stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 14,527 shares of the company's stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.24% of the stock is owned by corporate insiders.

ConocoPhillips 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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