Primecap Management Co. CA Buys 144,245 Shares of ConocoPhillips (NYSE:COP)

Primecap Management Co. CA lifted its holdings in shares of ConocoPhillips (NYSE:COP) by 3.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,748,140 shares of the energy producer’s stock after buying an additional 144,245 shares during the quarter. Primecap Management Co. CA owned about 0.38% of ConocoPhillips worth $498,650,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of COP. 10Elms LLP purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at approximately $28,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips during the 1st quarter valued at approximately $35,000. IMA Advisory Services Inc. purchased a new stake in shares of ConocoPhillips during the 1st quarter valued at approximately $37,000. Fourth Dimension Wealth LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at approximately $39,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of ConocoPhillips during the 1st quarter valued at approximately $42,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP stock opened at $93.23 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The firm’s fifty day moving average is $92.28 and its 200 day moving average is $93.89. The firm has a market cap of $117.86 billion, a P/E ratio of 11.85, a P/E/G ratio of 2.42 and a beta of 0.67.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The company had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same quarter last year, the firm earned $2.05 EPS. Research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips’s dividend payout ratio (DPR) is currently 39.64%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of ConocoPhillips stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average price of $94.24 per share, with a total value of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Scotiabank upped their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research note on Friday, July 11th. UBS Group upped their price target on shares of ConocoPhillips from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Royal Bank Of Canada lowered their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, July 11th. Mizuho lowered their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Finally, Bank of America lowered their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, May 23rd. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus price target of $121.33.

ConocoPhillips 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.