Manning & Napier Advisors LLC Makes New Investment in ConocoPhillips $COP

Manning & Napier Advisors LLC purchased a new position in shares of ConocoPhillips (NYSE:COP) during the second quarter, HoldingsChannel reports. The institutional investor purchased 103,421 shares of the energy producer’s stock, valued at approximately $10,776,000.

Other hedge funds have also made changes to their positions in the company. AXA S.A. lifted its position in ConocoPhillips by 91.1% during the second quarter. AXA S.A. now owns 84,937 shares of the energy producer’s stock worth $7,622,000 after buying an additional 40,499 shares during the period. Sei Investments Co. grew its holdings in ConocoPhillips by 6.1% in the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock valued at $70,397,000 after buying an additional 44,852 shares during the period. BNP Paribas acquired a new position in shares of ConocoPhillips during the 2nd quarter valued at about $33,000. Osterweis Capital Management Inc. purchased a new position in shares of ConocoPhillips during the 2nd quarter worth about $151,000. Finally, Main Street Financial Solutions LLC lifted its holdings in shares of ConocoPhillips by 53.5% during the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer’s stock worth $431,000 after acquiring an additional 1,675 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on COP shares. Raymond James Financial restated an “underperform” rating and issued a $168.00 target price on shares of ConocoPhillips in a report on Monday. Morgan Stanley lifted their price target on shares of ConocoPhillips from $147.00 to $151.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Wells Fargo & Company boosted their price objective on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Zacks Research lowered ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Truist Financial lifted their target price on ConocoPhillips from $115.00 to $130.00 and gave the company a “hold” rating in a report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $140.29.

ConocoPhillips Stock Down 1.1%

Shares of ConocoPhillips stock opened at $133.37 on Tuesday. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.88. The stock has a market cap of $160.22 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 1.43 and a beta of 0.11. 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 company has a fifty day moving average price of $115.73 and a 200 day moving average price of $117.97.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The company 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 firm’s quarterly revenue was up 32.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Equities research analysts forecast that ConocoPhillips will post 10.46 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.5%. ConocoPhillips’s payout ratio is 44.44%.

About ConocoPhillips

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.