Cullen Capital Management LLC Has $173.63 Million Stock Holdings in ConocoPhillips $COP

Cullen Capital Management LLC raised its position in ConocoPhillips (NYSE:COP) by 52.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,934,767 shares of the energy producer’s stock after acquiring an additional 667,841 shares during the period. ConocoPhillips comprises approximately 2.0% of Cullen Capital Management LLC’s holdings, making the stock its 21st largest holding. Cullen Capital Management LLC owned 0.15% of ConocoPhillips worth $173,626,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Howard Hughes Medical Institute bought a new stake in shares of ConocoPhillips during the second quarter valued at approximately $25,000. Bogart Wealth LLC boosted its stake in ConocoPhillips by 136.8% during the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock worth $28,000 after buying an additional 182 shares in the last quarter. Activest Wealth Management increased its holdings in ConocoPhillips by 249.5% in the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock valued at $29,000 after buying an additional 232 shares during the period. BNP Paribas bought a new stake in ConocoPhillips in the 2nd quarter valued at $33,000. Finally, Traub Capital Management LLC acquired a new position in shares of ConocoPhillips in the 2nd quarter valued at $38,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Down 1.2%

Shares of COP opened at $95.58 on Monday. The company has a market capitalization of $118.11 billion, a P/E ratio of 13.52, a PEG ratio of 2.16 and a beta of 0.32. ConocoPhillips has a one year low of $79.88 and a one year high of $106.20. The business’s 50 day simple moving average is $89.57 and its 200-day simple moving average is $92.17. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 1.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.51 billion. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.78 EPS. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date was Monday, November 17th. ConocoPhillips’s dividend payout ratio is 47.52%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on COP. UBS Group lifted their target price on shares of ConocoPhillips from $117.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. Mizuho lifted their price objective on ConocoPhillips from $120.00 to $121.00 and gave the company an “outperform” rating in a report on Friday. Sanford C. Bernstein upped their price objective on ConocoPhillips from $115.00 to $116.00 and gave the company an “outperform” rating in a research note on Friday, November 21st. Morgan Stanley cut their target price on ConocoPhillips from $122.00 to $117.00 and set an “overweight” rating for the company in a research report on Thursday, November 20th. Finally, BMO Capital Markets decreased their price target on ConocoPhillips from $122.00 to $117.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Nineteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.54.

Insider Activity

In related news, Director William H. Mcraven purchased 5,768 shares of ConocoPhillips stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the transaction, the director directly owned 5,768 shares in the company, valued at approximately $499,970.24. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.24% of the stock is owned by corporate insiders.

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.