Primecap Management Co. CA Grows Holdings in ConocoPhillips (NYSE:COP)

Key Points

• Primecap Management Co. CA increased its stake in ConocoPhillips by 3.1%, acquiring an additional 144,245 shares, bringing its total holdings to approximately 4.75 million shares valued at $498.65 million.
• ConocoPhillips recently reported **earnings per share (EPS) of $2.09**, exceeding analysts' expectations of $2.05, and achieved a revenue of $16.18 billion against an estimated $15.74 billion.
• The energy company announced a quarterly dividend of $0.78 per share, reflecting an annualized dividend of $3.12 and a **dividend yield of 3.3%** as of the last payout.

Primecap Management Co. CA increased its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 3.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,748,140 shares of the energy producer's stock after purchasing an additional 144,245 shares during the quarter. Primecap Management Co. CA owned 0.38% of ConocoPhillips worth $498,650,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of COP. Welch Capital Partners LLC NY acquired a new stake in shares of ConocoPhillips in the 1st quarter valued at $203,000. Hemington Wealth Management raised its stake in ConocoPhillips by 37.9% in the first quarter. Hemington Wealth Management now owns 1,034 shares of the energy producer's stock valued at $108,000 after buying an additional 284 shares in the last quarter. Fi3 FINANCIAL ADVISORS LLC lifted its holdings in ConocoPhillips by 26.6% during the 1st quarter. Fi3 FINANCIAL ADVISORS LLC now owns 2,706 shares of the energy producer's stock worth $284,000 after buying an additional 569 shares during the last quarter. WealthShield Partners LLC acquired a new position in shares of ConocoPhillips during the 1st quarter worth about $217,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock valued at $942,297,000 after acquiring an additional 2,080,625 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares of the company's stock, valued at $1,369,024.48. This represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.24% of the company's stock.

ConocoPhillips Price Performance

Shares of COP traded up $1.31 during trading hours on Friday, reaching $93.91. The company had a trading volume of 8,764,610 shares, compared to its average volume of 6,026,880. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The firm has a 50 day simple moving average of $92.77 and a 200-day simple moving average of $93.73. The company has a market capitalization of $118.72 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.41 and a beta of 0.67.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. The business 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%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.98 EPS. Research 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 will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips's dividend payout ratio is 39.64%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Raymond James Financial upped their price target on ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Bank of America cut their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Roth Capital restated a "buy" rating and issued a $108.00 price objective on shares of ConocoPhillips in a research note on Thursday. Piper Sandler reaffirmed an "overweight" rating and set a $123.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Finally, UBS Group boosted their target price on ConocoPhillips from $111.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 11th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $120.63.

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.