ABC Arbitrage SA Makes New $2.92 Million Investment in ConocoPhillips $COP

ABC Arbitrage SA bought a new stake in shares of ConocoPhillips (NYSE:COP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 32,509 shares of the energy producer’s stock, valued at approximately $2,917,000.

Other hedge funds have also recently made changes to their positions in the company. Aberdeen Group plc boosted its position in shares of ConocoPhillips by 49.3% during the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock worth $83,969,000 after acquiring an additional 264,726 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in ConocoPhillips by 17.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 154,360 shares of the energy producer’s stock worth $13,927,000 after acquiring an additional 22,827 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of ConocoPhillips by 2.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,395,546 shares of the energy producer’s stock valued at $304,716,000 after purchasing an additional 78,642 shares in the last quarter. Commonwealth Retirement Investments LLC bought a new position in ConocoPhillips during the second quarter valued at $1,264,000. Finally, Ashton Thomas Private Wealth LLC increased its holdings in shares of ConocoPhillips by 17.7% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 37,361 shares of the energy producer’s stock worth $3,924,000 after buying an additional 5,627 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP opened at $90.66 on Wednesday. The company has a 50 day moving average of $91.20 and a two-hundred day moving average of $91.98. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $115.38. The company has a market cap of $113.23 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm had revenue of $15.03 billion for the quarter, compared to the consensus estimate of $14.51 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.78 EPS. As a group, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a dividend of $0.84 per share. The ex-dividend date is Monday, November 17th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 annualized dividend and a dividend yield of 3.7%. ConocoPhillips’s payout ratio is presently 47.52%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COP. The Goldman Sachs Group decreased their price objective on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Raymond James Financial reduced their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, September 8th. Roth Capital lowered their target price on shares of ConocoPhillips from $108.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. Melius Research started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price target on the stock. Finally, Barclays decreased their price objective on shares of ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Eighteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.54.

Insider Buying and Selling at ConocoPhillips

In other news, Director William H. Mcraven bought 5,768 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average cost of $86.68 per share, with a total value of $499,970.24. Following the transaction, the director directly owned 5,768 shares in the company, valued at approximately $499,970.24. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.24% of the stock is owned by company insiders.

ConocoPhillips Profile

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.