Volterra Technologies LP Makes New $2.95 Million Investment in ConocoPhillips $COP

Key Points

• Volterra Technologies LP opened a new position in ConocoPhillips during the first quarter, buying 22,318 shares valued at about $2.95 million. The stake represents 0.4% of its portfolio and is now its 13th-largest holding.
• ConocoPhillips reported better-than-expected quarterly earnings of $1.89 per share versus $1.72 estimated, along with revenue of $15.76 billion. However, revenue still declined 6.1% year over year.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $134.16. The company also recently paid a quarterly dividend of $0.84 per share, yielding about 2.8% annually.

Volterra Technologies LP purchased a new stake in ConocoPhillips (NYSE:COP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 22,318 shares of the energy producer's stock, valued at approximately $2,946,000. ConocoPhillips accounts for 0.4% of Volterra Technologies LP's investment portfolio, making the stock its 13th biggest position.

A number of other institutional investors also recently modified their holdings of COP. Vanguard Group Inc. raised its position in ConocoPhillips by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer's stock valued at $11,256,713,000 after buying an additional 408,304 shares during the last quarter. Capital International Investors boosted its position in ConocoPhillips by 5.9% during the 4th quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock worth $4,527,230,000 after acquiring an additional 2,714,663 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in ConocoPhillips by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer's stock worth $3,880,151,000 after acquiring an additional 2,350,645 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of ConocoPhillips by 4.5% during the 4th quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer's stock worth $1,407,770,000 after acquiring an additional 648,432 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of ConocoPhillips by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer's stock worth $1,389,862,000 after acquiring an additional 193,401 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Up 1.3%

Shares of COP stock opened at $120.30 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The firm's 50-day moving average is $113.54 and its 200-day moving average is $114.18. The stock has a market cap of $146.56 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.43 and a beta of 0.12. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business had revenue of $15.76 billion during the quarter, compared to the consensus estimate of $15.62 billion. During the same period last year, the business posted $2.09 EPS. ConocoPhillips's revenue was down 6.1% on a year-over-year basis. Sell-side analysts predict that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is presently 57.05%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of ConocoPhillips from $135.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Jefferies Financial Group increased their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a research report on Monday, June 22nd. The Goldman Sachs Group lowered their price target on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Finally, Zacks Research cut ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $134.16.

About ConocoPhillips

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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