Highland Capital Management LLC Acquires 16,489 Shares of ConocoPhillips (NYSE:COP)

Highland Capital Management LLC raised its holdings in shares of ConocoPhillips (NYSE:COP) by 16.4% in the first quarter, HoldingsChannel.com reports. The firm owned 117,012 shares of the energy producer’s stock after buying an additional 16,489 shares during the period. ConocoPhillips comprises 0.7% of Highland Capital Management LLC’s holdings, making the stock its 27th largest position. Highland Capital Management LLC’s holdings in ConocoPhillips were worth $12,289,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Schwartz Investment Counsel Inc. increased its stake in ConocoPhillips by 159.6% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock valued at $5,125,000 after purchasing an additional 30,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in ConocoPhillips by 445.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,139,209 shares of the energy producer’s stock valued at $116,116,000 after purchasing an additional 930,202 shares in the last quarter. Oakworth Capital Inc. increased its stake in ConocoPhillips by 21.5% during the 1st quarter. Oakworth Capital Inc. now owns 2,569 shares of the energy producer’s stock valued at $270,000 after purchasing an additional 455 shares in the last quarter. Jaffetilchin Investment Partners LLC bought a new stake in ConocoPhillips during the 1st quarter valued at $736,000. Finally, Diversified Trust Co increased its stake in ConocoPhillips by 96.9% during the 1st quarter. Diversified Trust Co now owns 23,305 shares of the energy producer’s stock valued at $2,447,000 after purchasing an additional 11,472 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

Insider Buying and Selling at ConocoPhillips

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the firm’s stock in a transaction dated Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president now directly owns 14,527 shares in the company, valued at approximately $1,369,024.48. This represents a 57.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Susquehanna cut their price objective on shares of ConocoPhillips from $120.00 to $114.00 and set a “positive” rating on the stock in a report on Monday, May 12th. Morgan Stanley lifted their price objective on shares of ConocoPhillips from $116.00 to $118.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Barclays cut their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, Citigroup cut their price objective on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, June 11th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.50.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $90.20 on Friday. The company’s 50-day moving average is $89.96 and its 200 day moving average is $95.07. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. The company has a market capitalization of $114.03 billion, a P/E ratio of 11.46, a price-to-earnings-growth ratio of 2.46 and a beta of 0.61. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $118.40.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. The business had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. During the same period in the prior year, the firm earned $2.05 earnings per share. On average, equities research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.46%. The ex-dividend date was Monday, May 19th. ConocoPhillips’s dividend payout ratio (DPR) is presently 39.64%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.