Nuveen LLC Takes Position in ConocoPhillips (NYSE:COP)

Key Points

• Nuveen LLC invested approximately $658.98 million in ConocoPhillips by acquiring over 6.27 million shares, representing about 0.50% ownership of the company.
• ConocoPhillips reported a quarterly earnings per share of $1.42, surpassing analysts' expectations, with revenue of $14.94 billion, reflecting a year-over-year growth of 4.3%.
• The company declared a quarterly dividend of $0.78 per share, equating to an annualized yield of 3.3%, with the dividend payout ratio currently at 39.64%.

Nuveen LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,274,816 shares of the energy producer's stock, valued at approximately $658,981,000. Nuveen LLC owned 0.50% of ConocoPhillips as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 13.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after acquiring an additional 5,549,078 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock worth $4,210,751,000 after acquiring an additional 31,736,423 shares in the last quarter. Capital International Investors increased its position in shares of ConocoPhillips by 4.9% in the fourth quarter. Capital International Investors now owns 31,287,113 shares of the energy producer's stock worth $3,101,989,000 after acquiring an additional 1,473,027 shares in the last quarter. Northern Trust Corp increased its position in shares of ConocoPhillips by 27.6% in the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock worth $1,364,364,000 after acquiring an additional 2,971,661 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of ConocoPhillips by 9.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,021,394 shares of the energy producer's stock worth $1,191,984,000 after acquiring an additional 1,078,707 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Price Performance

Shares of NYSE:COP traded up $1.01 on Tuesday, hitting $94.54. The stock had a trading volume of 7,524,697 shares, compared to its average volume of 6,269,311. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The firm's 50 day moving average price is $93.04 and its 200-day moving average price is $93.54. The company has a market capitalization of $118.07 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 2.43 and a beta of 0.67.

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 the consensus estimate of $1.36 by $0.06. The company had revenue of $14.94 billion for 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 firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.98 EPS. On average, equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current 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 given a dividend of $0.78 per share. The ex-dividend date is 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 presently 41.88%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on COP. Piper Sandler reissued an "overweight" rating and issued a $123.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research report on Tuesday, July 15th. Scotiabank raised their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Roth Capital reaffirmed a "buy" rating and set a $108.00 price target on shares of ConocoPhillips in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target 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. Finally, Citigroup lowered their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.84.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the transaction, the executive vice president owned 14,527 shares in the company, valued at approximately $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 available at this link. 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.