ConocoPhillips $COP Shares Purchased by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. significantly increased its holdings in ConocoPhillips by 2,920.2%, acquiring nearly 805,000 shares during the first quarter, which amounts to a value of approximately $84.54 million.
• Multiple institutional investors have augmented their stakes in ConocoPhillips, with Charles Schwab Investment Management increasing its position by 379.7% and now holding over 40 million shares valued at approximately $4.21 billion.
• ConocoPhillips recently announced a quarterly dividend of $0.78 per share, reflecting a 3.1% dividend yield and maintaining a dividend payout ratio of 41.88%.

Panagora Asset Management Inc. boosted its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 2,920.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 804,998 shares of the energy producer's stock after buying an additional 778,344 shares during the period. Panagora Asset Management Inc. owned approximately 0.06% of ConocoPhillips worth $84,541,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 10Elms LLP bought a new position in ConocoPhillips during the fourth quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC boosted its stake in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after buying an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new position in ConocoPhillips during the first quarter valued at approximately $31,000. Garde Capital Inc. bought a new position in ConocoPhillips during the first quarter valued at approximately $35,000. Finally, IMA Advisory Services Inc. bought a new position in ConocoPhillips during the first quarter valued at approximately $37,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Trading Down 4.3%

Shares of NYSE COP traded down $4.28 during midday trading on Wednesday, hitting $94.71. The company's stock had a trading volume of 9,778,270 shares, compared to its average volume of 8,010,957. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The business's 50 day moving average is $94.49 and its two-hundred day moving average is $93.21. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The firm has a market cap of $118.28 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 2.60 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.98 EPS. As a group, equities research analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business 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 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is 41.88%.

Analyst Ratings Changes

A number of brokerages recently commented on COP. Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Roth Capital reissued a "buy" rating on shares of ConocoPhillips in a research note on Wednesday. Bank of America decreased their price objective on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Citigroup decreased their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Finally, Wall Street Zen downgraded ConocoPhillips from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $120.95.

Insider Transactions at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the transaction, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. The trade was a 57.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.24% of the company's stock.

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.