Kimelman & Baird LLC Makes New $712,000 Investment in ConocoPhillips $COP

Kimelman & Baird LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,850 shares of the energy producer’s stock, valued at approximately $712,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Mach 1 Financial Group LLC purchased a new position in ConocoPhillips in the 4th quarter valued at $1,169,000. B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of ConocoPhillips during the second quarter worth $6,896,000. Jennison Associates LLC raised its position in shares of ConocoPhillips by 7.6% in the fourth quarter. Jennison Associates LLC now owns 153,240 shares of the energy producer’s stock valued at $14,345,000 after buying an additional 10,779 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of ConocoPhillips by 4.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,608,643 shares of the energy producer’s stock valued at $252,256,000 after buying an additional 102,577 shares during the last quarter. Finally, Nicholas Investment Partners LP purchased a new position in shares of ConocoPhillips in the second quarter worth about $6,498,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Buying and Selling

In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is owned by insiders.

ConocoPhillips Price Performance

Shares of COP opened at $130.46 on Friday. The company has a market cap of $156.73 billion, a P/E ratio of 17.26, a PEG ratio of 1.36 and a beta of 0.11. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week 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 firm’s 50 day moving average price is $117.42 and its 200 day moving average price is $118.56.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, beating the consensus estimate of $2.90 by $0.34. The company 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 firm’s revenue was up 32.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.42 EPS. On average, research analysts forecast that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be issued a $0.84 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

Analyst Ratings Changes

A number of research analysts have weighed in on COP shares. Capital One Financial decreased their target price on shares of ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research note on Monday, May 18th. The Goldman Sachs Group cut their price target on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Truist Financial boosted their price objective on ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Zacks Research cut ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Finally, BMO Capital Markets cut their target price on ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $140.29.

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.