Assenagon Asset Management S.A. increased its stake in ConocoPhillips (NYSE:COP) by 142.1% in the third quarter, based on its most recent Form 13F filing with the Securities and Exchange Commission. The company now holds 882,107 shares of the energy producer’s stock, up from 364,287 shares previously. This increase brings Assenagon Asset Management S.A.’s total investment in ConocoPhillips to $92,868,000 as of the latest filing.
In addition to Assenagon Asset Management S.A., several other large investors have also made changes to their positions in the company. Valued Wealth Advisors LLC increased its stake in ConocoPhillips by 45.8% during the first quarter, Astoria Portfolio Advisors LLC. boosted its position by 4.0%, Manchester Capital Management LLC raised its stake by 22.1%, Mayfair Advisory Group LLC increased its position by 3.5%, and Vicus Capital added 3.7% to its stake during the second quarter. Overall, institutional investors now own 82.36% of ConocoPhillips’ stock.
ConocoPhillips’ stock saw a slight decline of 0.1% during midday trading on Thursday, reaching $104.36. The company’s stock has a fifty-two week low of $101.29 and a high of $135.18. ConocoPhillips has a quick ratio of 1.19, a current ratio of 1.33, and a debt-to-equity ratio of 0.34. The stock has a fifty-day simple moving average of $108.74 and a two-hundred day simple moving average of $114.21.
In terms of financial performance, ConocoPhillips reported $1.98 EPS for the quarter, surpassing analysts’ consensus estimates by $0.02. The energy producer also had a net margin of 18.18% and a return on equity of 20.81%. The company’s quarterly revenue was $14.14 billion, slightly lower than analyst estimates of $14.96 billion. Sell-side analysts predict that ConocoPhillips will post 7.95 earnings per share for the current year.
ConocoPhillips recently announced a quarterly dividend, with investors of record on Monday, August 12th receiving a dividend of $0.58 per share. This represents an annualized dividend of $2.32 and a dividend yield of 2.22%. The company’s payout ratio is 25.86%.
In terms of analyst ratings, several equities analysts have issued reports on COP shares. Scotiabank reduced their target price, while Royal Bank of Canada maintained an “outperform” rating and BMO Capital Markets increased their price objective. MarketBeat data shows that the stock currently has an average rating of “Moderate Buy” and a consensus target price of $136.94.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, LNG, and natural gas liquids globally. The company’s portfolio includes unconventional plays in North America, conventional assets in various regions, global LNG developments, and oil sands assets in Canada, among others.
While ConocoPhillips has a “Moderate Buy” rating among analysts, there are other stocks that are currently being recommended by top-rated analysts. To learn more about these stocks and how to protect yourself during market downturns, click the link provided.