Wealthfront Advisers LLC Has $23.17 Million Stock Position in ConocoPhillips $COP

Key Points

• Wealthfront Advisers increased its ConocoPhillips stake by 9.2% in the second quarter, adding 18,776 shares for a total position worth approximately $23.17 million. Institutional investors collectively own 82.36% of the company.
• Analysts maintain a generally positive outlook, with ConocoPhillips receiving a “Moderate Buy” consensus rating and an average price target of $137.48.
• ConocoPhillips exceeded quarterly expectations, reporting $3.24 in earnings per share and $19.52 billion in revenue, while revenue rose 32.4% year over year. The company also declared a quarterly dividend of $0.84 per share, yielding about 2.6% annually.

Wealthfront Advisers LLC raised its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 9.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,862 shares of the energy producer's stock after buying an additional 18,776 shares during the period. Wealthfront Advisers LLC's holdings in ConocoPhillips were worth $23,169,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Frazier Financial Advisors LLC lifted its position in ConocoPhillips by 151.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $25,000. Ballast Advisors LLC acquired a new stake in shares of ConocoPhillips in the first quarter worth $36,000. Evergreen Advisors LLC bought a new position in ConocoPhillips during the first quarter worth $36,000. Finally, Allied Private Wealth LLC bought a new position in ConocoPhillips during the second quarter worth $32,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Morgan Stanley reissued an "overweight" rating and set a $147.00 price objective on shares of ConocoPhillips in a report on Friday, August 7th. Scotiabank boosted their price objective on ConocoPhillips from $100.00 to $125.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. BMO Capital Markets cut their target price on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Finally, Zacks Research lowered ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $137.48.

ConocoPhillips Stock Performance

NYSE:COP opened at $129.82 on Wednesday. The firm has a market capitalization of $155.96 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.40 and a beta of 0.11. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $135.87. The firm has a 50-day moving average price of $114.31 and a 200 day moving average price of $117.12.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The company had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same period in the previous year, the business earned $1.42 earnings per share. The company's quarterly revenue was up 32.4% on a year-over-year basis. Research analysts anticipate that ConocoPhillips will post 10.05 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips's dividend payout ratio (DPR) is 44.44%.

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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