51,722 Shares of ConocoPhillips $COP Purchased by Reliant Investment Management LLC

Reliant Investment Management LLC acquired a new position in ConocoPhillips (NYSE:COP) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 51,722 shares of the energy producer’s stock, valued at approximately $6,473,000. ConocoPhillips accounts for 2.2% of Reliant Investment Management LLC’s portfolio, making the stock its 19th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after purchasing an additional 50,116,727 shares during the period. BlackRock Inc. boosted its stake in shares of ConocoPhillips by 3.0% in the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock valued at $9,760,436,000 after purchasing an additional 2,712,703 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of ConocoPhillips by 12.0% in the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock valued at $1,566,901,000 after purchasing an additional 1,609,759 shares during the last quarter. Invesco Ltd. boosted its stake in shares of ConocoPhillips by 2.2% in the 4th quarter. Invesco Ltd. now owns 13,413,036 shares of the energy producer’s stock valued at $1,255,594,000 after purchasing an additional 290,888 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $1,260,482,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Trading Up 1.0%

NYSE:COP opened at $142.34 on Thursday. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $142.55. The business’s 50-day moving average price is $131.03 and its two-hundred day moving average price is $122.22. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $171.00 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.44 and a beta of 0.24.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The firm had revenue of $19.52 billion for the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 earnings per share. On average, equities analysts expect that ConocoPhillips will post 10.84 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

Wall Street Analysts Forecast Growth

COP has been the subject of a number of recent research reports. Freedom Capital raised shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Jefferies Financial Group increased their price objective on shares of ConocoPhillips from $159.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Morgan Stanley raised their price objective on shares of ConocoPhillips from $147.00 to $151.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. UBS Group lifted their target price on shares of ConocoPhillips from $153.00 to $169.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Finally, Weiss Ratings raised shares of ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $143.29.

Insider Buying and Selling at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares of the company’s stock, valued at $1,296,493.95. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.09% of the stock is owned by corporate insiders.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.