Meritage Portfolio Management Acquires Shares of 57,956 ConocoPhillips (NYSE:COP)

Meritage Portfolio Management acquired a new stake in shares of ConocoPhillips (NYSE:COP) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 57,956 shares of the energy producer’s stock, valued at approximately $3,535,000.

A number of other institutional investors also recently modified their holdings of the business. WINTON GROUP Ltd grew its position in shares of ConocoPhillips by 103.2% in the 2nd quarter. WINTON GROUP Ltd now owns 348,948 shares of the energy producer’s stock worth $21,286,000 after buying an additional 177,213 shares during the period. NEXT Financial Group Inc grew its position in shares of ConocoPhillips by 18.1% in the 2nd quarter. NEXT Financial Group Inc now owns 15,677 shares of the energy producer’s stock worth $956,000 after buying an additional 2,404 shares during the period. Highland Capital Management LLC grew its position in shares of ConocoPhillips by 0.8% in the 2nd quarter. Highland Capital Management LLC now owns 114,885 shares of the energy producer’s stock worth $7,008,000 after buying an additional 965 shares during the period. CWM Advisors LLC grew its position in shares of ConocoPhillips by 11.6% in the 2nd quarter. CWM Advisors LLC now owns 30,739 shares of the energy producer’s stock worth $1,875,000 after buying an additional 3,206 shares during the period. Finally, Ontario Teachers Pension Plan Board grew its position in shares of ConocoPhillips by 252.0% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 131,799 shares of the energy producer’s stock worth $8,796,000 after buying an additional 94,355 shares during the period. 72.18% of the stock is currently owned by institutional investors and hedge funds.

COP has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on shares of ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Credit Suisse Group downgraded shares of ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 target price on the stock. in a research report on Wednesday, May 1st. Zacks Investment Research raised shares of ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 target price on the stock in a research report on Thursday, July 11th. JPMorgan Chase & Co. reduced their target price on shares of ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Finally, ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Thursday, June 27th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $77.07.

ConocoPhillips stock traded down $1.06 during mid-day trading on Friday, reaching $54.01. The stock had a trading volume of 4,984,414 shares, compared to its average volume of 6,059,790. The firm has a market cap of $59.19 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99. The company’s 50-day moving average price is $59.49. ConocoPhillips has a one year low of $52.30 and a one year high of $80.24. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 1.64.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Tuesday, July 30th. The energy producer reported $1.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.02). The firm had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $9.42 billion. ConocoPhillips had a return on equity of 15.96% and a net margin of 18.33%. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 EPS. On average, analysts forecast that ConocoPhillips will post 4.04 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, July 22nd will be paid a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, July 19th. ConocoPhillips’s payout ratio is 26.93%.

ConocoPhillips Profile

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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