State Street Corp Boosts Position in ConocoPhillips $COP

State Street Corp grew its holdings in shares of ConocoPhillips (NYSE:COP) by 73.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 118,591,447 shares of the energy producer’s stock after acquiring an additional 50,116,727 shares during the period. State Street Corp owned approximately 0.10% of ConocoPhillips worth $12,328,767,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in COP. Frazier Financial Advisors LLC lifted its holdings in ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of ConocoPhillips in the fourth quarter worth about $25,000. Ballast Advisors LLC purchased a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $36,000. Evergreen Advisors LLC acquired a new stake in shares of ConocoPhillips in the first quarter worth approximately $36,000. Finally, Allied Private Wealth LLC acquired a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $32,000. Institutional investors own 82.36% of the company’s stock.

Analyst Ratings Changes

COP has been the subject of a number of analyst reports. Roth Capital raised ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $124.00 to $130.00 in a research report on Monday, June 22nd. Argus raised their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Seaport Research Partners assumed coverage on ConocoPhillips in a report on Thursday, September 3rd. They set a “neutral” rating for the company. Weiss Ratings upgraded shares of ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Stifel Nicolaus began coverage on shares of ConocoPhillips in a report on Thursday, September 10th. They set a “hold” rating and a $148.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.24.

ConocoPhillips Trading Down 0.8%

COP traded down $1.03 during mid-day trading on Tuesday, hitting $126.50. The stock had a trading volume of 4,113,803 shares, compared to its average volume of 8,262,635. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $141.62. The stock’s fifty day simple moving average is $126.35 and its 200-day simple moving average is $121.25. The firm has a market capitalization of $151.97 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 1.39 and a beta of 0.13.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.34. The firm had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The business’s quarterly revenue was up 32.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 EPS. As a group, research analysts forecast that ConocoPhillips will post 10.54 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, August 17th. ConocoPhillips’s dividend payout ratio is currently 44.44%.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.09% of the company’s stock.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged primarily in finding, developing and producing crude oil, natural gas and natural gas liquids. The company sells its production to refiners, utilities, industrial customers and other energy market participants.

Its portfolio includes conventional and unconventional assets, with operations and development activities in the United States, including Alaska and the Lower 48, as well as Canada, Australia, Norway, Qatar and other international locations.