Kingsview Wealth Management LLC Makes New $3.75 Million Investment in ConocoPhillips $COP

Kingsview Wealth Management LLC bought a new stake in shares of ConocoPhillips (NYSE:COP) in the 2nd quarter, HoldingsChannel reports. The fund bought 36,110 shares of the energy producer’s stock, valued at approximately $3,754,000.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of ConocoPhillips by 3.0% in the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock valued at $9,760,436,000 after buying an additional 2,712,703 shares during the period. Capital International Investors raised its stake in ConocoPhillips by 5.9% during the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock worth $4,527,230,000 after acquiring an additional 2,714,663 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in ConocoPhillips by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock worth $3,880,151,000 after acquiring an additional 2,350,645 shares during the last quarter. Franklin Resources Inc. lifted its holdings in ConocoPhillips by 4.5% in the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer’s stock worth $1,407,770,000 after acquiring an additional 648,432 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in ConocoPhillips by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock worth $1,389,862,000 after acquiring an additional 193,401 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

COP has been the subject of several recent research reports. Jefferies Financial Group upped their target price on ConocoPhillips from $160.00 to $161.00 and gave the company a “buy” rating in a report on Monday, May 18th. Weiss Ratings upgraded ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Wells Fargo & Company boosted their price objective on ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Morgan Stanley upped their price objective on ConocoPhillips from $147.00 to $151.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, Capital One Financial cut their target price on ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research note on Monday, May 18th. 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 assigned a Sell rating to the stock. According to MarketBeat.com, ConocoPhillips currently has an average rating of “Moderate Buy” and an average target price of $140.29.

Insider Activity at ConocoPhillips

In related news, SVP Andrew D. Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction dated 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. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.09% of the company’s stock.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $130.46 on Friday. The firm’s 50 day moving average is $117.42 and its two-hundred day moving average is $118.56. The firm has a market capitalization of $156.73 billion, a P/E ratio of 17.26, a PEG ratio of 1.37 and a beta of 0.11. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.88.

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, topping 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 the consensus estimate of $18.79 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The business’s revenue was up 32.4% on a year-over-year basis. Analysts anticipate that ConocoPhillips will post 10.55 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a $0.84 dividend. 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 presently 44.44%.

About ConocoPhillips

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.