Legal & General Group Plc Buys New Position in ConocoPhillips $COP

Legal & General Group Plc bought a new position in ConocoPhillips (NYSE:COP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,888,714 shares of the energy producer’s stock, valued at approximately $716,151,000. Legal & General Group Plc owned approximately 0.57% of ConocoPhillips as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of ConocoPhillips during the 4th quarter worth approximately $25,000. Strive Asset Management LLC bought a new stake in shares of ConocoPhillips in the 3rd quarter valued at $28,000. Frazier Financial Advisors LLC increased its stake in shares of ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Allied Private Wealth LLC acquired a new position in shares of ConocoPhillips during the 2nd quarter valued at $32,000. Finally, BNP Paribas acquired a new position in shares of ConocoPhillips during the 2nd quarter valued at $33,000. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

Shares of COP opened at $133.37 on Tuesday. The business’s fifty day moving average is $115.73 and its 200 day moving average is $117.97. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $135.88. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market cap of $160.22 billion, a P/E ratio of 17.64, a P/E/G ratio of 1.43 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, beating analysts’ consensus estimates of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the previous year, the business posted $1.42 EPS. ConocoPhillips’s quarterly revenue was up 32.4% on a year-over-year basis. Sell-side analysts anticipate that ConocoPhillips will post 10.46 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced 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 2.5%. ConocoPhillips’s payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

COP has been the subject of a number of research reports. Freedom Capital upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. BMO Capital Markets dropped their price objective on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. UBS Group upped their price objective on shares of ConocoPhillips from $143.00 to $153.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Capital One Financial cut their price objective on shares of ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research report on Monday, May 18th. Finally, Wall Street Zen upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.29.

Insider Activity at ConocoPhillips

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

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.