Reliant Investment Management LLC Acquires 51,722 Shares of ConocoPhillips $COP

Key Points

• Reliant Investment Management acquired 51,722 ConocoPhillips shares worth approximately $6.47 million, making COP about 2.2% of its portfolio. Institutional investors and hedge funds collectively own 82.36% of the stock.
• ConocoPhillips reported quarterly earnings of $3.24 per share, beating estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion.
• The company pays a quarterly dividend of $0.84 per share, or $3.36 annualized, representing a 2.4% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $143.29.

Reliant Investment Management LLC bought a new position in shares of ConocoPhillips (NYSE:COP - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 51,722 shares of the energy producer's stock, valued at approximately $6,473,000. ConocoPhillips accounts for about 2.2% of Reliant Investment Management LLC's portfolio, making the stock its 19th biggest holding.

Several other large investors have also recently bought and sold shares of COP. State Street Corp increased its holdings in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares during the period. Bank of America Corp DE acquired a new position in shares of ConocoPhillips during the second quarter valued at about $1,260,482,000. Primecap Management Co. CA acquired a new position in shares of ConocoPhillips during the second quarter valued at about $1,204,726,000. Legal & General Group Plc bought a new stake in shares of ConocoPhillips in the second quarter valued at about $716,151,000. Finally, Jupiter Topco LLC bought a new stake in shares of ConocoPhillips in the second quarter valued at about $427,954,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

ConocoPhillips Stock Performance

NYSE COP opened at $142.34 on Thursday. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $142.55. The company has a 50 day moving average of $131.03 and a 200-day moving average of $122.22. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The firm has a market cap of $171.00 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.44 and a beta of 0.24.

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, topping analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The business had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. During the same period in the prior year, the company earned $1.42 EPS. ConocoPhillips's revenue for the quarter was up 32.4% on a year-over-year basis. On average, equities analysts forecast that ConocoPhillips will post 10.84 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, August 17th. ConocoPhillips's dividend payout ratio is presently 44.44%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on COP shares. Stifel Nicolaus began coverage on ConocoPhillips in a report on Thursday, September 10th. They set a "hold" rating and a $148.00 price objective on the stock. Morgan Stanley boosted their price objective on ConocoPhillips from $147.00 to $151.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Susquehanna upped their target price on ConocoPhillips from $155.00 to $161.00 and gave the company a "positive" rating in a research note on Tuesday, August 11th. Wall Street Zen raised ConocoPhillips from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reduced their target price on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.29.

ConocoPhillips Company Profile

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

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.

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