525,000 Shares in ConocoPhillips (NYSE:COP) Purchased by Encompass Capital Advisors LLC

Encompass Capital Advisors LLC acquired a new stake in ConocoPhillips (NYSE:COP) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 525,000 shares of the energy producer’s stock, valued at approximately $60,050,000. ConocoPhillips accounts for about 3.2% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 7th largest holding.

Other institutional investors have also recently bought and sold shares of the company. Cardinal Capital Management Inc. acquired a new stake in ConocoPhillips during the fourth quarter worth approximately $13,468,000. Harbor Investment Advisory LLC increased its position in shares of ConocoPhillips by 2.2% in the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after purchasing an additional 212 shares during the period. First Trust Direct Indexing L.P. raised its stake in ConocoPhillips by 5.6% in the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after purchasing an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $30,021,000. Finally, EP Wealth Advisors LLC boosted its holdings in shares of ConocoPhillips by 19.1% in the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after purchasing an additional 4,578 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the transaction, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Scotiabank reduced their price target on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Barclays raised their price objective on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Mizuho reduced their target price on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, Wolfe Research initiated coverage on shares of ConocoPhillips in a research note on Thursday, July 18th. They set an “outperform” rating and a $145.00 price target for the company. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.29.

ConocoPhillips Stock Down 2.9 %

ConocoPhillips stock opened at $105.73 on Thursday. The company has a market capitalization of $122.78 billion, a PE ratio of 11.97, a PEG ratio of 0.86 and a beta of 1.22. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The firm’s fifty day moving average is $109.54 and its 200 day moving average is $116.55. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.02. The firm had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.84 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 8.14 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a $0.58 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a yield of 2.19%. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

About ConocoPhillips

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.