Proficio Capital Partners LLC Purchases New Position in ConocoPhillips $COP

Proficio Capital Partners LLC acquired a new position in shares of ConocoPhillips (NYSE:COP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,604 shares of the energy producer’s stock, valued at approximately $1,830,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bank of America Corp DE bought a new stake in shares of ConocoPhillips during the second quarter worth $1,260,482,000. Primecap Management Co. CA bought a new position in shares of ConocoPhillips in the second quarter worth about $1,204,726,000. Legal & General Group Plc purchased a new position in ConocoPhillips in the 2nd quarter worth about $716,151,000. Jupiter Topco LLC purchased a new position in ConocoPhillips in the 2nd quarter worth about $427,954,000. Finally, Capital International Investors lifted its holdings in ConocoPhillips by 5.9% during the 4th quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock valued at $4,527,230,000 after buying an additional 2,714,663 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on COP. Argus upped their target price 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. BMO Capital Markets lowered their price target on ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Morgan Stanley boosted their price target on ConocoPhillips from $147.00 to $151.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Jefferies Financial Group increased their price objective on ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Raymond James Financial restated an “underperform” rating and set a $168.00 price objective on shares of ConocoPhillips in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.29.

ConocoPhillips Trading Up 1.7%

NYSE COP opened at $132.63 on Tuesday. ConocoPhillips has a one year low of $85.57 and a one year high of $135.88. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The company has a market capitalization of $159.33 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 1.37 and a beta of 0.11. The company’s 50-day simple moving average is $117.88 and its two-hundred day simple moving average is $118.81.

ConocoPhillips (NYSE:COP) last announced 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 during the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.42 EPS. Equities analysts forecast that ConocoPhillips will post 10.55 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Potential access to Venezuelan resources: A proposed U.S.-backed venture could give American oil companies access to development opportunities across 17 Venezuelan fields. Although ConocoPhillips was reportedly among companies previously hesitant to move quickly, greater U.S. government involvement could reduce some political and investment barriers over time. Trump’s Venezuela Deal Leaves $100 Billion Question Unanswered
• Positive Sentiment: Potential Iraq growth opportunities: Iraqi officials discussed oil and gas development with BP and ConocoPhillips, highlighting possible project opportunities that could support the company’s international production portfolio. Iraq discusses oil and gas development with BP, ConocoPhillips
• Positive Sentiment: Defensive industry positioning: Zacks identified ConocoPhillips as relatively well positioned to withstand slowing production growth, refining-related cost pressures and rising renewable-energy competition, supporting its investment case compared with weaker industry peers. Can These 3 U.S. Integrated Energy Stocks Overcome Industry Headwinds?
• Neutral Sentiment: Venezuela investment uncertainty: Some major producers are questioning the proposed U.S.-Venezuela arrangement because of the central role of a Venezuelan businessman and uncertainty surrounding the investment structure. This could delay ConocoPhillips’ participation, even if the long-term resource potential is substantial. Trump’s oil deal with Venezuela raises red flags for some major producers
• Negative Sentiment: Near-term supply benefits appear limited: Analysts caution that Venezuela’s enormous reserves will not quickly translate into additional oil production because of infrastructure, financing and operational constraints. That weakens the immediate earnings benefit implied by the deal and could contribute to future global supply growth. Energy Expert Warns Venezuela’s Oil Deal Won’t Fix Supply Anytime Soon
• Negative Sentiment: Buyout-related valuation dispute: 3D Energi is challenging an independent valuation of its 20% interest during a ConocoPhillips buyout process. The dispute could complicate negotiations or increase transaction costs, although it does not necessarily alter the underlying asset value. 3D Energi Challenges Independent Valuation

Insider Activity

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the business’s stock in a transaction on 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 completion of the transaction, the senior vice president directly owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.09% of the company’s stock.

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.