Miracle Mile Advisors LLC Increases Holdings in ConocoPhillips (NYSE:COP)

Miracle Mile Advisors LLC lifted its stake in ConocoPhillips (NYSE:COP) by 1.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 25,762 shares of the energy producer’s stock after buying an additional 324 shares during the quarter. Miracle Mile Advisors LLC’s holdings in ConocoPhillips were worth $2,947,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of COP. Price T Rowe Associates Inc. MD increased its holdings in ConocoPhillips by 35.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after buying an additional 8,479,963 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of ConocoPhillips by 0.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 27,672,104 shares of the energy producer’s stock valued at $3,211,901,000 after purchasing an additional 108,956 shares during the last quarter. Capital International Investors lifted its position in ConocoPhillips by 9.6% during the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after purchasing an additional 1,856,085 shares during the period. Bank of New York Mellon Corp boosted its holdings in ConocoPhillips by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock worth $1,907,542,000 after purchasing an additional 826,529 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in ConocoPhillips by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,011,035 shares of the energy producer’s stock worth $1,394,162,000 after purchasing an additional 270,859 shares during the period. Institutional investors own 82.36% of the company’s stock.

Insider Buying and Selling

In other ConocoPhillips 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 transaction of $6,000,105.00. Following the sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on COP. Wells Fargo & Company cut their price objective on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada upped their price target on shares of ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, May 15th. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Sanford C. Bernstein cut their price objective on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $159.00 target price (up from $155.00) on shares of ConocoPhillips in a research report on Thursday, May 30th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average target price of $143.53.

ConocoPhillips Trading Down 0.0 %

Shares of NYSE COP traded down $0.05 during trading hours on Friday, reaching $111.18. The stock had a trading volume of 3,819,194 shares, compared to its average volume of 5,710,891. The business’s fifty day moving average price is $111.56 and its two-hundred day moving average price is $116.98. The firm has a market cap of $129.11 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 2.16 and a beta of 1.24. ConocoPhillips has a 52-week low of $102.27 and a 52-week high of $135.18. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter last year, the firm posted $1.84 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. Analysts expect that ConocoPhillips will post 8.68 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Monday, August 12th. ConocoPhillips’s payout ratio is 26.27%.

ConocoPhillips Company 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.