Norden Group LLC Purchases 3,938 Shares of ConocoPhillips $COP

Key Points

• Norden Group LLC increased its stake in ConocoPhillips by 18.8%, acquiring an additional 3,938 shares, bringing its total holdings to 24,865 shares valued at approximately $2.23 million.
• Analysts have positive outlooks for ConocoPhillips, with BMO Capital Markets raising their price target to $115.00 and UBS Group increasing it to $124.00, both assigning "buy" or "outperform" ratings.
• ConocoPhillips recently reported a quarterly earnings beat, with revenues of $14.94 billion and earnings per share of $1.42, surpassing analysts' estimates.

Norden Group LLC lifted its position in ConocoPhillips (NYSE:COP - Free Report) by 18.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,865 shares of the energy producer's stock after acquiring an additional 3,938 shares during the quarter. Norden Group LLC's holdings in ConocoPhillips were worth $2,231,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Accurate Wealth Management LLC raised its holdings in shares of ConocoPhillips by 6.3% in the second quarter. Accurate Wealth Management LLC now owns 18,872 shares of the energy producer's stock valued at $1,800,000 after acquiring an additional 1,123 shares in the last quarter. Unified Investment Management raised its holdings in shares of ConocoPhillips by 8.5% in the second quarter. Unified Investment Management now owns 7,515 shares of the energy producer's stock valued at $674,000 after acquiring an additional 591 shares in the last quarter. Oregon Pacific Wealth Management LLC raised its holdings in shares of ConocoPhillips by 5.8% in the second quarter. Oregon Pacific Wealth Management LLC now owns 2,229 shares of the energy producer's stock valued at $200,000 after acquiring an additional 123 shares in the last quarter. Revisor Wealth Management LLC raised its holdings in shares of ConocoPhillips by 100.5% in the second quarter. Revisor Wealth Management LLC now owns 4,487 shares of the energy producer's stock valued at $428,000 after acquiring an additional 2,249 shares in the last quarter. Finally, Cardinal Capital Management raised its holdings in shares of ConocoPhillips by 3.3% in the second quarter. Cardinal Capital Management now owns 89,255 shares of the energy producer's stock valued at $8,010,000 after acquiring an additional 2,888 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

COP has been the topic of several analyst reports. BMO Capital Markets lifted their target price on ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday. UBS Group boosted their price target on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Susquehanna dropped their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Melius began coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 price target on the stock. Finally, Wells Fargo & Company restated an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $93.40 on Wednesday. The business's 50 day moving average price is $94.56 and its 200 day moving average price is $92.98. The firm has a market cap of $116.65 billion, a P/E ratio of 12.54, a P/E/G ratio of 2.42 and a beta of 0.69. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. 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 (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.98 earnings per share. On average, sell-side analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

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

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.