Arrowstreet Capital Limited Partnership Has $304.96 Million Stock Position in ConocoPhillips $COP

Arrowstreet Capital Limited Partnership raised its position in ConocoPhillips (NYSE:COP) by 46,105.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,310,281 shares of the energy producer’s stock after buying an additional 2,305,281 shares during the period. Arrowstreet Capital Limited Partnership owned 0.19% of ConocoPhillips worth $304,957,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Frazier Financial Advisors LLC grew its holdings in ConocoPhillips by 151.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of ConocoPhillips during the fourth quarter worth $25,000. Evergreen Advisors LLC bought a new stake in shares of ConocoPhillips during the first quarter worth $36,000. Strive Asset Management LLC acquired a new position in shares of ConocoPhillips during the third quarter valued at $28,000. Finally, Avalon Trust Co acquired a new position in shares of ConocoPhillips during the first quarter valued at $40,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Trading Up 0.1%

COP stock opened at $120.30 on Friday. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The company’s 50-day simple moving average is $113.50 and its 200 day simple moving average is $114.23. The company has a market capitalization of $146.56 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 1.45 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm had revenue of $15.76 billion during the quarter, compared to the consensus estimate of $15.62 billion. During the same quarter in the previous year, the firm posted $2.09 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that ConocoPhillips will post 9.2 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were given a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 annualized dividend and a dividend yield of 2.8%. ConocoPhillips’s payout ratio is presently 57.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on COP shares. Weiss Ratings reissued a “hold (c)” rating on shares of ConocoPhillips in a research note on Wednesday, June 3rd. Barclays upped their price objective on ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. BMO Capital Markets cut their target price on ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Mizuho reduced their target price on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Finally, The Goldman Sachs Group cut their price objective on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus price target of $134.16.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.