MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in ConocoPhillips (NYSE:COP – Get Rating) by 8,522.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 288,238 shares of the energy producer’s stock after buying an additional 284,895 shares during the period. ConocoPhillips comprises approximately 2.1% of MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s investment portfolio, making the stock its 17th biggest holding. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in ConocoPhillips were worth $29,183,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of ConocoPhillips by 3.4% during the fourth quarter. BlackRock Inc. now owns 111,073,845 shares of the energy producer’s stock worth $8,017,310,000 after purchasing an additional 3,652,817 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of ConocoPhillips by 23.1% during the fourth quarter. Nuveen Asset Management LLC now owns 10,653,790 shares of the energy producer’s stock worth $768,990,000 after purchasing an additional 2,001,581 shares in the last quarter. Los Angeles Capital Management LLC increased its position in shares of ConocoPhillips by 2,896.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,331,669 shares of the energy producer’s stock worth $96,120,000 after purchasing an additional 1,287,232 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of ConocoPhillips during the fourth quarter worth $91,672,000. Finally, Ruffer LLP increased its position in shares of ConocoPhillips by 970.3% during the fourth quarter. Ruffer LLP now owns 1,171,452 shares of the energy producer’s stock worth $86,699,000 after purchasing an additional 1,062,002 shares in the last quarter. 78.80% of the stock is owned by institutional investors.
Several research firms recently issued reports on COP. Morgan Stanley cut their target price on ConocoPhillips from $120.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, June 6th. Bank of America downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and upped their target price for the company from $110.00 to $135.00 in a research report on Tuesday, March 8th. Royal Bank of Canada upped their target price on ConocoPhillips from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, March 7th. Susquehanna Bancshares upped their target price on ConocoPhillips from $108.00 to $129.00 in a research report on Monday, April 25th. Finally, Susquehanna upped their target price on ConocoPhillips from $108.00 to $129.00 in a research report on Monday, April 25th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $110.91.
ConocoPhillips (NYSE:COP – Get Rating) last posted its earnings results on Thursday, May 5th. The energy producer reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $0.03. The business had revenue of $19.29 billion for the quarter, compared to analyst estimates of $18.36 billion. ConocoPhillips had a net margin of 22.52% and a return on equity of 24.89%. The company’s revenue for the quarter was up 82.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 EPS. On average, analysts anticipate that ConocoPhillips will post 15 earnings per share for the current fiscal year.
The business also recently declared a dividend, which will be paid on Friday, July 15th. Investors of record on Tuesday, June 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Monday, June 27th. This is a positive change from ConocoPhillips’s previous dividend of $0.30. This represents a yield of 3.21%. ConocoPhillips’s dividend payout ratio (DPR) is currently 18.97%.
In other ConocoPhillips news, Director Timothy A. Leach sold 40,603 shares of the stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $102.33, for a total value of $4,154,904.99. Following the completion of the sale, the director now owns 666,002 shares in the company, valued at approximately $68,151,984.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas G. Olds sold 19,200 shares of the stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $110.51, for a total transaction of $2,121,792.00. The disclosure for this sale can be found here. Insiders sold a total of 644,703 shares of company stock worth $77,172,426 over the last ninety days. 0.08% of the stock is currently owned by corporate insiders.
ConocoPhillips Profile (Get Rating)
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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