Hudson Canyon Capital Management Makes New $2.59 Million Investment in ConocoPhillips $COP

Hudson Canyon Capital Management purchased a new position in shares of ConocoPhillips (NYSE:COP) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 19,600 shares of the energy producer’s stock, valued at approximately $2,587,000. ConocoPhillips makes up about 1.6% of Hudson Canyon Capital Management’s holdings, making the stock its 22nd biggest holding.

A number of other institutional investors have also modified their holdings of the company. Capital International Investors boosted its position in ConocoPhillips by 5.9% during the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock worth $4,527,230,000 after acquiring an additional 2,714,663 shares during the last quarter. AQR Capital Management LLC raised its holdings in ConocoPhillips by 229.2% in the 4th quarter. AQR Capital Management LLC now owns 3,595,177 shares of the energy producer’s stock valued at $336,544,000 after acquiring an additional 2,503,156 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in ConocoPhillips by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock valued at $3,880,151,000 after acquiring an additional 2,350,645 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of ConocoPhillips during the 3rd quarter worth $135,265,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of ConocoPhillips during the fourth quarter worth $128,470,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analysts Set New Price Targets

COP has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConocoPhillips in a research report on Wednesday, June 3rd. The Goldman Sachs Group decreased their price target on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Citigroup lifted their price target on ConocoPhillips from $135.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Argus upped their price objective on shares of ConocoPhillips from $128.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Morgan Stanley cut their price objective on shares of ConocoPhillips from $153.00 to $146.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Eighteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $134.04.

ConocoPhillips Stock Down 0.9%

COP opened at $111.81 on Wednesday. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.87. The firm has a 50 day moving average price of $113.65 and a 200 day moving average price of $113.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The company has a market cap of $136.22 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 1.35 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion during the quarter, compared to analyst estimates of $15.62 billion. During the same quarter in the prior year, the business earned $2.09 earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. Sell-side analysts expect that ConocoPhillips will post 9.27 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s dividend payout ratio is currently 57.05%.

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.