Rakuten Investment Management Inc. Acquires 17,231 Shares of ConocoPhillips $COP

Key Points

• Rakuten Investment Management increased its ConocoPhillips stake by 8.6% in the third quarter, adding 17,231 shares to hold 216,729 shares valued at about $27.2 million.
• ConocoPhillips reported quarterly earnings of $3.24 per share, topping the $2.90 analyst consensus, while revenue rose 32.4% year over year to $19.52 billion.
• Analysts give the stock an overall “Moderate Buy” rating, with an average price target of $145.08; the company’s annualized dividend is $3.36 per share, a 2.3% yield.

Rakuten Investment Management Inc. boosted its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 8.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 216,729 shares of the energy producer's stock after purchasing an additional 17,231 shares during the quarter. Rakuten Investment Management Inc.'s holdings in ConocoPhillips were worth $27,186,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Third View Private Wealth LLC boosted its holdings in ConocoPhillips by 34.5% in the 3rd quarter. Third View Private Wealth LLC now owns 4,904 shares of the energy producer's stock valued at $614,000 after purchasing an additional 1,257 shares during the period. Provenance Wealth Advisors LLC grew its position in ConocoPhillips by 6,451.4% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 16,444 shares of the energy producer's stock worth $2,058,000 after purchasing an additional 16,193 shares during the last quarter. Lyell Wealth Management LP increased its holdings in shares of ConocoPhillips by 4.4% during the 3rd quarter. Lyell Wealth Management LP now owns 14,906 shares of the energy producer's stock worth $1,865,000 after purchasing an additional 631 shares during the period. Associated Banc Corp bought a new position in shares of ConocoPhillips during the 3rd quarter worth about $2,189,000. Finally, Putney Financial Group LLC acquired a new position in shares of ConocoPhillips during the third quarter valued at about $63,000. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Down 1.6%

Shares of ConocoPhillips stock opened at $144.46 on Wednesday. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $154.28. The firm has a market capitalization of $173.54 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.16. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The company's fifty day moving average price is $136.59 and its two-hundred day moving average price is $121.52.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. The business had revenue of $19.52 billion for the quarter, compared to analysts' expectations of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm's revenue for the quarter was up 32.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. On average, analysts expect that ConocoPhillips will post 11.41 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a dividend of $0.84 per share. The ex-dividend date was Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.3%. ConocoPhillips's dividend payout ratio (DPR) is currently 44.44%.

Analysts Set New Price Targets

Several research firms recently weighed in on COP. Zacks Research upgraded shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 6th. Piper Sandler began coverage on ConocoPhillips in a research note on Tuesday, October 27th. They set a "neutral" rating and a $157.00 price target on the stock. Raymond James Financial reaffirmed an "outperform" rating and issued a $170.00 price target on shares of ConocoPhillips in a report on Monday. William Blair initiated coverage on ConocoPhillips in a report on Wednesday, October 28th. They issued a "market perform" rating for the company. Finally, Stifel Nicolaus initiated coverage on ConocoPhillips in a research report on Thursday, September 10th. They issued a "hold" rating and a $148.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, ConocoPhillips presently has an average rating of "Moderate Buy" and an average target price of $145.08.

Insiders Place Their Bets

In other news, SVP Andrew Lundquist sold 9,487 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.09% of the company's stock.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company's portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.