Primecap Management Co. CA Purchases 2,467,555 Shares of ConocoPhillips $COP

Primecap Management Co. CA lifted its position in shares of ConocoPhillips (NYSE:COP) by 31.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 10,351,010 shares of the energy producer’s stock after purchasing an additional 2,467,555 shares during the quarter. Primecap Management Co. CA’s holdings in ConocoPhillips were worth $979,102,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of COP. Ameriprise Financial Inc. boosted its stake in ConocoPhillips by 31.4% during the second quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock worth $966,267,000 after buying an additional 2,575,803 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of ConocoPhillips by 146.6% during the 2nd quarter. First Trust Advisors LP now owns 2,315,757 shares of the energy producer’s stock worth $207,816,000 after acquiring an additional 1,376,509 shares during the period. Laurel Wealth Advisors LLC boosted its position in shares of ConocoPhillips by 8,148.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 917,788 shares of the energy producer’s stock valued at $82,362,000 after acquiring an additional 906,661 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in ConocoPhillips by 18.0% in the second quarter. Adage Capital Partners GP L.L.C. now owns 4,565,154 shares of the energy producer’s stock valued at $409,677,000 after acquiring an additional 697,700 shares during the period. Finally, Cullen Capital Management LLC raised its position in ConocoPhillips by 52.7% in the second quarter. Cullen Capital Management LLC now owns 1,934,767 shares of the energy producer’s stock worth $173,626,000 after purchasing an additional 667,841 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Trading Down 0.5%

Shares of COP opened at $110.07 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.14 and a current ratio of 1.30. The company has a market cap of $136.01 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 2.81 and a beta of 0.32. The stock has a fifty day moving average price of $100.91 and a two-hundred day moving average price of $95.14. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $113.80.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 5th. The energy producer reported $1.02 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.21). ConocoPhillips had a return on equity of 11.90% and a net margin of 12.98%.The business had revenue of $13.86 billion for the quarter, compared to the consensus estimate of $14.35 billion. During the same quarter in the previous year, the company posted $1.98 EPS. ConocoPhillips’s revenue for the quarter was down 3.7% on a year-over-year basis. Analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Wednesday, February 18th will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, February 18th. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. ConocoPhillips’s dividend payout ratio is currently 53.00%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group reaffirmed a “buy” rating and set a $130.00 price objective on shares of ConocoPhillips in a report on Monday, February 9th. Jefferies Financial Group boosted their price target on ConocoPhillips from $120.00 to $129.00 and gave the company a “buy” rating in a research note on Monday. Citigroup upped their price target on ConocoPhillips from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Mizuho lifted their price objective on ConocoPhillips from $120.00 to $121.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Susquehanna boosted their target price on shares of ConocoPhillips from $115.00 to $121.00 and gave the company a “positive” rating in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.92.

Insiders Place Their Bets

In other ConocoPhillips news, CEO Ryan Michael Lance sold 500,708 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $92.50, for a total value of $46,315,490.00. Following the completion of the transaction, the chief executive officer directly owned 325,972 shares of the company’s stock, valued at approximately $30,152,410. The trade was a 60.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.24% of the company’s stock.

ConocoPhillips Company 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.