Westpac Banking Corp Raises Position in ConocoPhillips (NYSE:COP)

Key Points

• Westpac Banking Corp significantly increased its stake in ConocoPhillips by 253.9% in the first quarter, owning 26,650 shares valued at approximately $2.8 million.
• ConocoPhillips reported an earnings per share (EPS) of $1.42 for the quarter, surpassing analysts' expectations, and had a revenue of $14.94 billion, up 4.3% from the previous year.
• The company announced a quarterly dividend of $0.78 per share, equating to an annual yield of 3.3%, with the payment set for September 2nd.

Westpac Banking Corp grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 253.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,650 shares of the energy producer's stock after buying an additional 19,119 shares during the quarter. Westpac Banking Corp's holdings in ConocoPhillips were worth $2,799,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of COP. 10Elms LLP acquired a new position in ConocoPhillips during the fourth quarter worth $28,000. Stone House Investment Management LLC acquired a new position in ConocoPhillips during the first quarter worth $31,000. Garde Capital Inc. acquired a new position in ConocoPhillips during the first quarter worth $35,000. IMA Advisory Services Inc. acquired a new position in ConocoPhillips during the first quarter worth $37,000. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of ConocoPhillips in the fourth quarter worth $39,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ConocoPhillips

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

ConocoPhillips Trading Down 0.3%

COP stock traded down $0.26 during trading on Friday, reaching $95.39. 6,561,919 shares of the stock traded hands, compared to its average volume of 6,870,423. The business's 50 day moving average price is $93.61 and its 200-day moving average price is $93.46. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The firm has a market capitalization of $119.14 billion, a PE ratio of 12.80, a P/E/G ratio of 2.49 and a beta of 0.67.

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

ConocoPhillips Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. UBS Group boosted their price target on ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Wells Fargo & Company reissued an "overweight" rating and issued a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Barclays cut their price target on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Raymond James Financial boosted their price target on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Finally, Susquehanna cut their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.84.

ConocoPhillips Company 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.