SCS Capital Management LLC Purchases Shares of 18,686 ConocoPhillips $COP

Key Points

• SCS Capital Management LLC has acquired a new stake in ConocoPhillips, purchasing 18,686 shares valued at approximately $1.96 million in the first quarter of the year.
• ConocoPhillips reported a quarterly earnings of $1.42 per share, exceeding estimates and reflecting a 4.3% year-over-year revenue increase.
• The company has announced a quarterly dividend of $0.78 per share, yielding an annualized 3.4%, with a dividend payout ratio of 41.88%.

SCS Capital Management LLC purchased a new stake in ConocoPhillips (NYSE:COP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 18,686 shares of the energy producer's stock, valued at approximately $1,962,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Triumph Capital Management grew its stake in ConocoPhillips by 6.7% in the 4th quarter. Triumph Capital Management now owns 2,364 shares of the energy producer's stock valued at $234,000 after purchasing an additional 149 shares during the period. Ethic Inc. grew its stake in ConocoPhillips by 208.4% in the 4th quarter. Ethic Inc. now owns 19,035 shares of the energy producer's stock valued at $1,888,000 after purchasing an additional 12,862 shares during the period. Focus Partners Wealth grew its stake in ConocoPhillips by 29.5% in the 4th quarter. Focus Partners Wealth now owns 94,406 shares of the energy producer's stock valued at $9,362,000 after purchasing an additional 21,505 shares during the period. Laird Norton Wetherby Wealth Management LLC grew its stake in ConocoPhillips by 20.4% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 19,994 shares of the energy producer's stock valued at $1,983,000 after purchasing an additional 3,392 shares during the period. Finally, LRI Investments LLC grew its stake in ConocoPhillips by 3.6% in the 4th quarter. LRI Investments LLC now owns 3,184 shares of the energy producer's stock valued at $316,000 after purchasing an additional 110 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

COP has been the subject of several research reports. Melius initiated coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 price target for the company. Susquehanna cut their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Morgan Stanley reiterated an "overweight" rating and set a $123.00 price target (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Wells Fargo & Company reiterated an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Finally, Piper Sandler increased their price target on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $120.86.

ConocoPhillips Price Performance

NYSE COP traded down $1.53 during trading hours on Friday, hitting $92.60. The company had a trading volume of 5,169,385 shares, compared to its average volume of 5,845,575. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The firm has a 50 day simple moving average of $94.75 and a 200 day simple moving average of $92.98. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The firm has a market capitalization of $115.65 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 2.48 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its 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. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter last year, the company earned $1.98 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. Equities research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a $0.78 dividend. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.4%. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

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.