Primecap Management Co. CA Purchases 282,990 Shares of ConocoPhillips (NYSE:COP)

Primecap Management Co. CA boosted its position in ConocoPhillips (NYSE:COP) by 6.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,603,895 shares of the energy producer’s stock after buying an additional 282,990 shares during the period. Primecap Management Co. CA owned approximately 0.40% of ConocoPhillips worth $456,568,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Albion Financial Group UT increased its holdings in ConocoPhillips by 876.9% during the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after purchasing an additional 228 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in ConocoPhillips during the 4th quarter worth approximately $27,000. Truvestments Capital LLC bought a new stake in ConocoPhillips during the 3rd quarter worth approximately $31,000. Global Wealth Strategies & Associates increased its holdings in ConocoPhillips by 80.5% during the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock worth $34,000 after purchasing an additional 153 shares in the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new stake in ConocoPhillips during the 3rd quarter worth approximately $35,000. 82.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on COP. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $132.00 to $134.00 in a research note on Monday, December 16th. Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $157.00 to $124.00 in a research note on Monday, February 10th. Piper Sandler cut their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. The Goldman Sachs Group set a $132.00 target price on ConocoPhillips in a research note on Thursday, January 30th. Finally, Truist Financial boosted their target price on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $133.05.

Insider Transactions at ConocoPhillips

In other news, Director Arjun N. Murti purchased 2,500 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were purchased at an average price of $95.87 per share, with a total value of $239,675.00. Following the completion of the acquisition, the director now owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

ConocoPhillips Trading Up 0.5 %

NYSE:COP opened at $99.42 on Tuesday. The company has a market cap of $126.50 billion, a P/E ratio of 12.76, a P/E/G ratio of 0.79 and a beta of 1.12. The stock’s fifty day moving average price is $99.22 and its two-hundred day moving average price is $103.65. ConocoPhillips has a 1 year low of $86.81 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. As a group, analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.14%. ConocoPhillips’s dividend payout ratio is currently 40.05%.

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.