Summit Global Investments Raises Stake in ConocoPhillips (NYSE:COP)

Summit Global Investments boosted its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 141.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,890 shares of the energy producer's stock after acquiring an additional 12,235 shares during the period. Summit Global Investments' holdings in ConocoPhillips were worth $2,194,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in ConocoPhillips by 11.7% during the 4th quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer's stock valued at $12,081,491,000 after purchasing an additional 12,751,120 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares in the last quarter. Invesco Ltd. increased its stake in ConocoPhillips by 37.1% during the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock valued at $1,544,101,000 after purchasing an additional 4,211,939 shares in the last quarter. Geode Capital Management LLC increased its stake in ConocoPhillips by 13.7% during the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock valued at $2,792,521,000 after purchasing an additional 3,397,360 shares in the last quarter. Finally, Northern Trust Corp increased its stake in ConocoPhillips by 27.6% during the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of COP traded down $0.48 on Friday, reaching $85.12. The company's stock had a trading volume of 20,169,963 shares, compared to its average volume of 7,395,001. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The stock has a market capitalization of $107.61 billion, a P/E ratio of 10.93, a PEG ratio of 0.79 and a beta of 0.64. The stock's 50 day simple moving average is $90.46 and its two-hundred day simple moving average is $97.34. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $118.40.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.04. The company had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. During the same quarter last year, the firm posted $2.05 earnings per share. Research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date is Monday, May 19th. ConocoPhillips's payout ratio is 39.64%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group reduced their price objective on shares of ConocoPhillips from $116.00 to $111.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Bank of America reduced their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Scotiabank reduced their price objective on shares of ConocoPhillips from $115.00 to $95.00 and set a "sector perform" rating for the company in a research note on Friday, April 11th. Raymond James reiterated an "outperform" rating and issued a $109.00 price target (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of ConocoPhillips from $127.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Three research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $121.63.

ConocoPhillips 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.