Doheny Asset Management CA Takes $815,000 Position in ConocoPhillips (NYSE:COP)

Doheny Asset Management CA acquired a new stake in ConocoPhillips (NYSE:COP - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 7,125 shares of the energy producer's stock, valued at approximately $815,000.

A number of other hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position 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 valued at $4,097,473,000 after buying an additional 8,479,963 shares during the last quarter. Capital International Investors lifted its stake in shares of ConocoPhillips by 9.6% in the 1st 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. Legal & General Group Plc lifted its stake in shares of ConocoPhillips by 4.6% in the 2nd quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer's stock valued at $1,132,430,000 after purchasing an additional 438,241 shares during the period. Fisher Asset Management LLC lifted its stake in shares of ConocoPhillips by 2.7% in the 4th quarter. Fisher Asset Management LLC now owns 7,412,753 shares of the energy producer's stock valued at $860,398,000 after purchasing an additional 191,519 shares during the period. Finally, Putnam Investments LLC lifted its stake in shares of ConocoPhillips by 3.6% in the 4th quarter. Putnam Investments LLC now owns 6,079,041 shares of the energy producer's stock valued at $705,594,000 after purchasing an additional 211,257 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on COP. Bank of America reissued a "buy" rating and issued a $147.00 price target on shares of ConocoPhillips in a research note on Friday, June 14th. Argus raised ConocoPhillips to a "strong-buy" rating in a research note on Friday, June 7th. Wells Fargo & Company cut their price target on ConocoPhillips from $150.00 to $132.00 and set an "overweight" rating on the stock in a research note on Friday. Susquehanna cut their price target on ConocoPhillips from $154.00 to $147.00 and set a "positive" rating on the stock in a research note on Wednesday, September 4th. Finally, Sanford C. Bernstein dropped their price objective on ConocoPhillips from $147.00 to $132.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 17th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $141.24.

ConocoPhillips Stock Up 2.4 %

Shares of COP traded up $2.41 during midday trading on Friday, hitting $104.72. The stock had a trading volume of 5,489,511 shares, compared to its average volume of 7,639,071. The company has a 50 day simple moving average of $108.85 and a two-hundred day simple moving average of $116.32. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The firm has a market cap of $122.47 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (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 the consensus estimate of $14.96 billion. During the same quarter last year, the business posted $1.84 EPS. The company's revenue for the quarter was up 9.7% on a year-over-year basis. On average, analysts anticipate that ConocoPhillips will post 8.14 EPS for the current year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Monday, August 12th. ConocoPhillips's payout ratio is 26.27%.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the firm's stock in a transaction dated 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 completion of the transaction, the director now owns 455,909 shares in the company, valued at approximately $49,288,321.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% 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.