Zurcher Kantonalbank Zurich Cantonalbank Has $86.86 Million Position in ConocoPhillips (NYSE:COP)

Key Points

• Zurcher Kantonalbank increased its holdings in ConocoPhillips by 4.8%, acquiring 38,068 shares, bringing its total ownership to approximately $86.86 million.
• ConocoPhillips reported earnings of $2.09 per share, exceeding analysts’ expectations, with a revenue of $16.18 billion for the quarter.
• The company announced a quarterly dividend of $0.78 per share, yielding 3.29%, with a dividend payout ratio of 39.64%.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in ConocoPhillips (NYSE:COP - Free Report) by 4.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 827,056 shares of the energy producer's stock after acquiring an additional 38,068 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of ConocoPhillips worth $86,857,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in COP. Price T Rowe Associates Inc. MD raised its holdings in shares of ConocoPhillips by 13.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after acquiring an additional 5,549,078 shares during the last quarter. Invesco Ltd. increased its stake in ConocoPhillips by 37.1% in the fourth quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock valued at $1,544,101,000 after purchasing an additional 4,211,939 shares during the last quarter. Geode Capital Management LLC increased its stake in ConocoPhillips by 13.7% in the fourth quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock valued at $2,792,521,000 after purchasing an additional 3,397,360 shares during the last quarter. Northern Trust Corp increased its stake in ConocoPhillips by 27.6% in the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in ConocoPhillips by 10,440.1% in the first quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock valued at $311,299,000 after purchasing an additional 2,936,066 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

NYSE COP traded down $0.98 on Wednesday, reaching $97.01. 2,391,081 shares of the stock traded hands, compared to its average volume of 8,173,408. The firm's fifty day simple moving average is $91.44 and its 200 day simple moving average is $94.28. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The company has a market cap of $122.64 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 2.53 and a beta of 0.61. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. The business had revenue of $16.18 billion during the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same period last year, the company posted $2.05 EPS. As a group, research analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.22%. ConocoPhillips's dividend payout ratio (DPR) is presently 39.64%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on COP shares. Raymond James Financial raised their target price on ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Mizuho decreased their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Barclays dropped their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company restated an "overweight" rating and set a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Finally, Susquehanna reduced 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 analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and a consensus price target of $121.33.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was acquired 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 directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. This represents a 57.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by company insiders.

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.