NewEdge Wealth LLC Purchases Shares of 21,977 ConocoPhillips $COP

Key Points

• NewEdge Wealth acquired 21,977 ConocoPhillips shares worth approximately $2.3 million in the second quarter, while institutional investors collectively own 82.36% of the company.
• ConocoPhillips reported stronger-than-expected quarterly results, with earnings of $3.24 per share and revenue of $19.52 billion, up 32.4% year over year. The company also declared a quarterly dividend of $0.84 per share, equivalent to a 2.5% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $139.21, though valuation concerns and recent insider selling present potential risks.

NewEdge Wealth LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 21,977 shares of the energy producer's stock, valued at approximately $2,285,000.

Other hedge funds have also made changes to their positions in the company. Flossbach Von Storch SE bought a new position in ConocoPhillips during the second quarter valued at about $2,458,000. Great Lakes Advisors LLC acquired a new position in ConocoPhillips in the 2nd quarter valued at approximately $115,372,000. BOK Financial Private Wealth Inc. bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $712,000. Danske Bank A S acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $3,248,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $2,174,000. Institutional investors own 82.36% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Zacks Research lowered ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Wells Fargo & Company boosted their price target on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an "overweight" rating in a report on Friday, August 7th. The Goldman Sachs Group dropped their price objective on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. BMO Capital Markets reduced their price objective on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, ConocoPhillips currently has an average rating of "Moderate Buy" and an average target price of $139.21.

ConocoPhillips Price Performance

Shares of COP stock opened at $135.00 on Friday. The stock's fifty day simple moving average is $114.92 and its 200 day simple moving average is $117.53. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The firm has a market cap of $162.18 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 1.44 and a beta of 0.11. ConocoPhillips has a one year low of $85.57 and a one year high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The firm had revenue of $19.52 billion for the quarter, compared to analysts' expectations of $18.79 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The business's revenue was up 32.4% compared to the same quarter last year. On average, analysts expect that ConocoPhillips will post 10.06 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be issued a $0.84 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. ConocoPhillips's dividend payout ratio is presently 44.44%.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Rising crude prices are supporting ConocoPhillips’ expected cash flow and earnings, providing the clearest near-term catalyst for the stock. ConocoPhillips gains as higher oil prices add to post-earnings momentum
• Positive Sentiment: Second-quarter adjusted earnings of $3.24 per share exceeded expectations, while $7.2 billion in operating cash flow, doubled share repurchases and a $0.84 quarterly dividend reinforced the company’s capital-return appeal. Full-year guidance was reaffirmed.
• Positive Sentiment: Argus raised its price target to $153 from $136 and maintained a Buy rating. The broader analyst consensus remains constructive, with a reported median target of $146 and no recent sell ratings. Argus raises ConocoPhillips price target
• Positive Sentiment: Analysts and investors continue to cite ConocoPhillips’ low-cost inventory, LNG-related growth and potential cash-flow catalysts as support for its longer-term outlook. ConocoPhillips has low-cost inventory and a major cash flow catalyst ahead
• Neutral Sentiment: Aker BP’s agreement to acquire Apache and ConocoPhillips stakes offshore Norway could streamline the portfolio, although the immediate financial effect was not specified. Aker BP to buy Apache and ConocoPhillips stakes offshore Norway
• Negative Sentiment: Valuation and execution risks are tempering the bullish outlook: the stock trades near its 52-week high, while investors are already paying a premium for earnings momentum and LNG growth. Is ConocoPhillips stock a buy as growth meets a premium valuation?
• Negative Sentiment: Insiders have reported 12 open-market sales and no purchases over the past six months, including substantial sales by senior executives. This may signal caution, although insider transactions can reflect compensation or diversification rather than a fundamental view.

About ConocoPhillips

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.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source