Mirae Asset Global Investments Co. Ltd. Buys 71,651 Shares of ConocoPhillips $COP

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in ConocoPhillips by 6.3% during the second quarter, acquiring an additional 71,651 shares, bringing its total holdings to approximately 1.21 million shares worth $108.66 million.
• ConocoPhillips recently announced a quarterly dividend of $0.78 per share, reflecting an annualized rate of $3.12 with a yield of 3.3%.
• Analysts have a favorable outlook on ConocoPhillips, with an average rating of "Moderate Buy" and a target price of $120.14, amidst recent earnings of $1.42 EPS that exceeded estimates.

Mirae Asset Global Investments Co. Ltd. raised its stake in ConocoPhillips (NYSE:COP - Free Report) by 6.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,210,860 shares of the energy producer's stock after acquiring an additional 71,651 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.10% of ConocoPhillips worth $108,663,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in COP. Financial Network Wealth Advisors LLC lifted its holdings in shares of ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new position in shares of ConocoPhillips in the first quarter worth about $31,000. Garde Capital Inc. bought a new position in shares of ConocoPhillips in the first quarter worth about $35,000. IMA Advisory Services Inc. bought a new position in shares of ConocoPhillips in the first quarter worth about $37,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of ConocoPhillips by 418.6% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock worth $38,000 after acquiring an additional 293 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COP. Melius Research began coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price objective for the company. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Royal Bank Of Canada dropped their price objective on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. Melius began coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price objective for the company. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips Stock Performance

NYSE:COP opened at $93.45 on Friday. The company has a market capitalization of $116.71 billion, a PE ratio of 12.54, a P/E/G ratio of 2.51 and a beta of 0.62. The company has a 50 day simple moving average of $94.94 and a two-hundred day simple moving average of $92.96. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08.

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 analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.98 EPS. Research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio is currently 41.88%.

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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