Wellington Management Group LLP Acquires 1,609,759 Shares of ConocoPhillips $COP

Key Points

• Wellington Management increased its ConocoPhillips stake by 12% in the second quarter, purchasing 1.61 million additional shares. It now owns 15.07 million shares, valued at approximately $1.57 billion, or 1.25% of the company.
• ConocoPhillips reported quarterly EPS of $3.24, exceeding estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion. The company also declared a quarterly dividend of $0.84 per share, equivalent to a 2.6% annualized yield.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $140.29. Shares recently opened at $130.46, while an executive sold 9,487 shares in August.

Wellington Management Group LLP increased its holdings in ConocoPhillips (NYSE:COP - Free Report) by 12.0% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,072,154 shares of the energy producer's stock after purchasing an additional 1,609,759 shares during the period. Wellington Management Group LLP owned approximately 1.25% of ConocoPhillips worth $1,566,901,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Patten Group Inc. raised its position in ConocoPhillips by 1.5% in the 1st quarter. Patten Group Inc. now owns 5,447 shares of the energy producer's stock worth $719,000 after purchasing an additional 83 shares during the period. IFC Advisors LLC boosted its position in ConocoPhillips by 0.4% during the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer's stock valued at $2,664,000 after buying an additional 84 shares during the period. Cornerstone Planning Group LLC boosted its position in ConocoPhillips by 9.6% during the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer's stock valued at $124,000 after buying an additional 88 shares during the period. Blue Trust Inc. grew its stake in shares of ConocoPhillips by 0.4% during the first quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer's stock valued at $2,791,000 after buying an additional 92 shares during the last quarter. Finally, Sigma Planning Corp grew its stake in shares of ConocoPhillips by 0.6% during the first quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer's stock valued at $2,120,000 after buying an additional 94 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $130.46 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The firm has a market cap of $156.73 billion, a P/E ratio of 17.26, a P/E/G ratio of 1.36 and a beta of 0.11. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.88. The firm has a 50-day moving average of $117.42 and a 200-day moving average of $118.56.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. The company had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.ConocoPhillips's revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 EPS. Sell-side analysts expect that ConocoPhillips will post 10.55 EPS for the current year.

ConocoPhillips Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on COP shares. The Goldman Sachs Group decreased their price objective on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Morgan Stanley increased their target price on ConocoPhillips from $147.00 to $151.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Truist Financial raised their price target on ConocoPhillips from $115.00 to $130.00 and gave the stock a "hold" rating in a research report on Monday, August 10th. Weiss Ratings raised ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company increased their price objective on ConocoPhillips from $183.00 to $189.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $140.29.

Insider Activity

In related news, SVP Andrew D. Lundquist sold 9,487 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the transaction, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.09% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source