Coastal Bridge Advisors LLC Acquires Shares of 6,396 ConocoPhillips $COP

Coastal Bridge Advisors LLC bought a new position in shares of ConocoPhillips (NYSE:COP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,396 shares of the energy producer’s stock, valued at approximately $665,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in ConocoPhillips in the fourth quarter valued at about $25,000. Strive Asset Management LLC bought a new position in ConocoPhillips during the third quarter worth about $28,000. Frazier Financial Advisors LLC boosted its holdings in ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after buying an additional 145 shares during the last quarter. Allied Private Wealth LLC acquired a new position in shares of ConocoPhillips during the 2nd quarter worth about $32,000. Finally, BNP Paribas acquired a new position in shares of ConocoPhillips during the 2nd quarter worth about $33,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on COP. Royal Bank Of Canada set a $130.00 price target on shares of ConocoPhillips in a research report on Monday, June 22nd. Wall Street Zen upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Barclays lowered their target price on shares of ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. The Goldman Sachs Group cut their target price on shares of ConocoPhillips from $144.00 to $138.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Susquehanna lifted their price target on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $140.29.

ConocoPhillips Trading Up 0.7%

NYSE:COP opened at $130.46 on Friday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The stock has a market capitalization of $156.73 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.36 and a beta of 0.11. The business’s 50-day simple moving average is $117.42 and its 200-day simple moving average is $118.56.

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

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given 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 dividend payout ratio is currently 44.44%.

Insider Activity

In related news, SVP Andrew D. Lundquist sold 9,487 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.09% of the stock is owned by corporate insiders.

ConocoPhillips Profile

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.