Proficio Capital Partners LLC Invests $1.83 Million in ConocoPhillips $COP

Key Points

• Proficio Capital Partners initiated a $1.83 million position in ConocoPhillips during the second quarter, while institutional investors overall own 82.36% of the company.
• ConocoPhillips reported stronger-than-expected quarterly results, with EPS of $3.24 versus the $2.90 consensus estimate and revenue rising 32.4% year over year to $19.52 billion.
• The company declared a quarterly dividend of $0.84 per share, equivalent to an annualized $3.36 payout and a 2.6% yield; analysts maintain a “Moderate Buy” consensus with a $140.29 target price.

Proficio Capital Partners LLC purchased a new position in ConocoPhillips (NYSE:COP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,604 shares of the energy producer's stock, valued at approximately $1,830,000.

Other large investors have also added to or reduced their stakes in the company. Pure Financial Advisors LLC bought a new stake in ConocoPhillips in the second quarter worth $933,000. Transamerica Financial Advisors LLC bought a new position in shares of ConocoPhillips during the second quarter valued at $1,561,000. Corient Private Wealth LP bought a new position in shares of ConocoPhillips during the second quarter valued at $60,112,000. Perennial Investment Advisors LLC purchased a new position in shares of ConocoPhillips in the 2nd quarter worth about $529,000. Finally, Permanens Capital L.P. purchased a new position in shares of ConocoPhillips in the 2nd quarter worth about $1,928,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

COP stock opened at $130.79 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.88. The company has a market cap of $157.12 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 1.39 and a beta of 0.11. The stock's fifty day moving average price is $116.53 and its 200-day moving average price is $118.32.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The business's revenue for the quarter was up 32.4% compared to the same quarter last year. On average, equities analysts forecast that ConocoPhillips will post 10.55 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips's dividend payout ratio is 44.44%.

Insiders Place Their Bets

In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares of the company's stock, valued at $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.09% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Argus increased their price objective on shares of ConocoPhillips from $136.00 to $153.00 and gave the company a "buy" rating in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Susquehanna increased their price target on shares of ConocoPhillips from $155.00 to $161.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Wells Fargo & Company boosted their price objective on shares of ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, The Goldman Sachs Group cut their target price on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.29.

ConocoPhillips Profile

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.

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