VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in ConocoPhillips $COP

Key Points

• Virginia Retirement Systems purchased 136,000 ConocoPhillips shares worth approximately $14.1 million during the second quarter. Institutional ownership now represents 82.36% of the company’s outstanding stock, with several major investors also initiating or expanding positions.
• ConocoPhillips reported strong quarterly results, posting $3.24 in earnings per share versus the $2.90 consensus estimate, while revenue rose 32.4% year over year to $19.52 billion.
• The company pays a quarterly dividend of $0.84 per share, equivalent to an annualized $3.36 and a 2.5% yield. Analysts have a “Moderate Buy” consensus rating and an average price target of $140.29, compared with the stock’s reported $134.23 price.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of ConocoPhillips (NYSE:COP - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 136,000 shares of the energy producer's stock, valued at approximately $14,139,000.

A number of other hedge funds and other institutional investors have also modified their holdings of COP. California State Teachers Retirement System raised its position in shares of ConocoPhillips by 10,228.2% during the 2nd quarter. California State Teachers Retirement System now owns 147,873,744 shares of the energy producer's stock worth $15,372,954,000 after buying an additional 146,441,998 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $1,260,482,000. Primecap Management Co. CA bought a new position in shares of ConocoPhillips in the second quarter valued at approximately $1,204,726,000. Legal & General Group Plc acquired a new position in shares of ConocoPhillips during the second quarter valued at approximately $716,151,000. Finally, Jupiter Topco LLC acquired a new position in shares of ConocoPhillips during the second quarter valued at approximately $427,954,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

Shares of COP stock opened at $134.23 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $137.42. The stock's 50-day moving average is $120.75 and its two-hundred day moving average is $119.67. The firm has a market cap of $161.26 billion, a P/E ratio of 17.76, a PEG ratio of 1.41 and a beta of 0.13.

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

ConocoPhillips Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.5%. ConocoPhillips's dividend payout ratio is presently 44.44%.

Analysts Set New Price Targets

Several analysts have recently weighed in on COP shares. Seaport Research Partners started coverage on ConocoPhillips in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. The Goldman Sachs Group lowered their target price on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Raymond James Financial reiterated an "underperform" rating and issued a $168.00 price target on shares of ConocoPhillips in a research report on Monday, August 24th. Freedom Capital raised shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Finally, Royal Bank Of Canada set a $130.00 price objective on shares of ConocoPhillips in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $140.29.

Insiders Place Their Bets

In other news, SVP Andrew Lundquist sold 9,487 shares of the 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 completion of the sale, the senior vice president directly owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.

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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