Wellington Management Group LLP Increases Stake in ConocoPhillips $COP

Key Points

• Wellington Management Group LLP increased its stake in ConocoPhillips by 1.4% in Q1, now owning 31.6 million shares valued at approximately $3.32 billion.
• ConocoPhillips reported $1.42 earnings per share for the latest quarter, exceeding analysts' estimates, alongside a revenue of $14.94 billion.
• The company announced a quarterly dividend of $0.78 to be paid on September 2nd, representing a 3.3% annual yield.

Wellington Management Group LLP grew its stake in ConocoPhillips (NYSE:COP - Free Report) by 1.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 31,610,608 shares of the energy producer's stock after buying an additional 437,709 shares during the quarter. Wellington Management Group LLP owned 2.50% of ConocoPhillips worth $3,319,746,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in COP. 10Elms LLP purchased a new stake in ConocoPhillips during the fourth quarter worth approximately $28,000. Financial Network Wealth Advisors LLC lifted its stake in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in ConocoPhillips during the first quarter worth approximately $31,000. Garde Capital Inc. purchased a new stake in ConocoPhillips during the first quarter worth approximately $35,000. Finally, IMA Advisory Services Inc. purchased a new stake in ConocoPhillips during the first quarter worth approximately $37,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Down 0.3%

Shares of COP stock opened at $95.39 on Monday. The business's fifty day moving average price is $93.61 and its 200 day moving average price is $93.35. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The firm has a market capitalization of $119.14 billion, a PE ratio of 12.80, a P/E/G ratio of 2.48 and a beta of 0.67. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%. ConocoPhillips's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.98 earnings per share. As a group, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips's dividend payout ratio is 41.88%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays reduced their price objective on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. UBS Group boosted their price objective on ConocoPhillips from $111.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Susquehanna reduced their price objective on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Royal Bank Of Canada reduced their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research note on Friday, July 11th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $123.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $120.84.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson bought 5,300 shares of the stock in a transaction on Monday, June 16th. The shares were bought at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.24% of the company's stock.

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.

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