Saudi Central Bank Grows Holdings in ConocoPhillips $COP

Key Points

• Saudi Central Bank increased its ConocoPhillips stake by 87.6% in the second quarter, bringing its holdings to 85,564 shares valued at approximately $8.9 million. Institutional investors collectively own 82.36% of the company.
• ConocoPhillips exceeded quarterly expectations, reporting $3.24 in EPS versus the $2.90 consensus and $19.52 billion in revenue, up 32.4% year over year. The company also maintains a $0.84 quarterly dividend, representing a 2.5% annualized yield.
• COP shares opened at $134.23, near their 52-week high, while analysts maintained an overall “Moderate Buy” rating with a consensus price target of $140.29.

Saudi Central Bank boosted its position in ConocoPhillips (NYSE:COP - Free Report) by 87.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 85,564 shares of the energy producer's stock after purchasing an additional 39,952 shares during the period. Saudi Central Bank's holdings in ConocoPhillips were worth $8,895,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COP. Compass Financial Management LLC bought a new stake in ConocoPhillips during the second quarter worth $323,000. NBH Bank bought a new position in ConocoPhillips in the 2nd quarter valued at $291,000. AlphaGrep UK Ltd purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at $1,012,000. Markowski Investments purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at $224,000. Finally, Outlook Capital Management LLC purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at $8,321,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of the firm's stock in a transaction that occurred 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 approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.09% of the company's stock.

ConocoPhillips Trading Down 1.1%

Shares of COP opened at $134.23 on Friday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $137.42. The business has a 50-day moving average of $120.15 and a 200 day moving average of $119.44. The firm has a market cap of $161.26 billion, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 1.41 and a beta of 0.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.90 by $0.34. The firm had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company's quarterly revenue was up 32.4% on a year-over-year basis. During the same quarter last year, the business earned $1.42 earnings per share. As a group, research analysts forecast that ConocoPhillips will post 10.54 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Monday, August 17th. ConocoPhillips's dividend payout ratio is presently 44.44%.

Analyst Ratings Changes

COP has been the subject of several research reports. Zacks Research lowered shares of ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Truist Financial lifted their price objective on shares of ConocoPhillips from $115.00 to $130.00 and gave the stock a "hold" rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of ConocoPhillips from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Jefferies Financial Group increased their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the company a "buy" rating in a research report on Monday, May 18th. Finally, UBS Group raised their price target on shares of ConocoPhillips from $143.00 to $153.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. One equities research 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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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