Convergence Investment Partners LLC Acquires 2,303 Shares of ConocoPhillips (NYSE:COP)

Convergence Investment Partners LLC increased its holdings in ConocoPhillips (NYSE:COP) by 7.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 32,530 shares of the energy producer’s stock after purchasing an additional 2,303 shares during the quarter. Convergence Investment Partners LLC’s holdings in ConocoPhillips were worth $1,984,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in ConocoPhillips in the fourth quarter worth $738,471,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in ConocoPhillips in the first quarter worth $195,526,000. Dimensional Fund Advisors LP grew its holdings in ConocoPhillips by 28.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,387,748 shares of the energy producer’s stock worth $710,012,000 after purchasing an additional 2,532,290 shares during the last quarter. PGGM Investments grew its holdings in ConocoPhillips by 178.2% in the first quarter. PGGM Investments now owns 1,844,538 shares of the energy producer’s stock worth $123,104,000 after purchasing an additional 1,181,408 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in ConocoPhillips by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 15,108,105 shares of the energy producer’s stock worth $940,354,000 after purchasing an additional 659,942 shares during the last quarter. 72.06% of the stock is owned by institutional investors.

Several research firms have issued reports on COP. JPMorgan Chase & Co. cut their price target on shares of ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Mizuho raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $74.00 to $80.00 in a report on Wednesday, June 26th. Bank of America raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Wednesday, July 17th. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. Finally, Zacks Investment Research raised shares of ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 price target on the stock in a report on Thursday, July 11th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $77.07.

Shares of COP traded down $1.47 during trading hours on Friday, reaching $57.33. 52,057 shares of the company traded hands, compared to its average volume of 5,152,869. The company has a market capitalization of $66.74 billion, a PE ratio of 12.56, a P/E/G ratio of 1.54 and a beta of 1.00. The company has a quick ratio of 1.72, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. ConocoPhillips has a 12-month low of $56.75 and a 12-month high of $80.24. The stock has a fifty day simple moving average of $60.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Tuesday, July 30th. The energy producer reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02). The company had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $9.42 billion. ConocoPhillips had a net margin of 18.33% and a return on equity of 17.35%. ConocoPhillips’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period last year, the firm earned $1.09 earnings per share. On average, analysts anticipate that ConocoPhillips will post 4.04 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, July 22nd will be issued a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, July 19th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.93%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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