Second Line Capital LLC Has $555,000 Position in ConocoPhillips (NYSE:COP)

Second Line Capital LLC grew its holdings in ConocoPhillips (NYSE:COP) by 125.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 4,856 shares of the energy producer’s stock after acquiring an additional 2,698 shares during the period. Second Line Capital LLC’s holdings in ConocoPhillips were worth $555,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after purchasing an additional 8,479,963 shares in the last quarter. Capital International Investors grew its stake in shares of ConocoPhillips by 9.6% in the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after purchasing an additional 1,856,085 shares during the period. Legal & General Group Plc raised its holdings in shares of ConocoPhillips by 4.6% in the 2nd quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock worth $1,132,430,000 after buying an additional 438,241 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of ConocoPhillips by 2.7% in the 4th quarter. Fisher Asset Management LLC now owns 7,412,753 shares of the energy producer’s stock worth $860,398,000 after buying an additional 191,519 shares in the last quarter. Finally, Putnam Investments LLC lifted its position in shares of ConocoPhillips by 3.6% during the 4th quarter. Putnam Investments LLC now owns 6,079,041 shares of the energy producer’s stock worth $705,594,000 after buying an additional 211,257 shares during the period. 82.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. UBS Group lowered their price target on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. Scotiabank cut their price target on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating for the company in a report on Friday, July 12th. Mizuho decreased their price objective on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Truist Financial dropped their price objective on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and an average price target of $141.24.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Trading Up 2.4 %

NYSE:COP opened at $104.72 on Monday. The business’s 50-day simple moving average is $108.85 and its 200-day simple moving average is $116.31. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The stock has a market capitalization of $122.47 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter in the prior year, the company earned $1.84 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. Sell-side analysts expect that ConocoPhillips will post 8.14 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is 26.27%.

ConocoPhillips Company Profile

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.