Renaissance Technologies LLC Has $102.10 Million Stock Position in ConocoPhillips (NYSE:COP)

Renaissance Technologies LLC increased its stake in shares of ConocoPhillips (NYSE:COP) by 42.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 892,608 shares of the energy producer’s stock after buying an additional 264,600 shares during the period. Renaissance Technologies LLC’s holdings in ConocoPhillips were worth $102,097,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Valued Wealth Advisors LLC lifted its position in ConocoPhillips by 45.8% during the 1st quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after buying an additional 82 shares in the last quarter. Astoria Portfolio Advisors LLC. lifted its position in ConocoPhillips by 4.0% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,232 shares of the energy producer’s stock valued at $291,000 after purchasing an additional 85 shares during the period. Manchester Capital Management LLC lifted its position in ConocoPhillips by 22.1% during the 1st quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock valued at $60,000 after purchasing an additional 86 shares during the period. Adirondack Trust Co. lifted its position in ConocoPhillips by 3.1% during the 4th quarter. Adirondack Trust Co. now owns 2,990 shares of the energy producer’s stock valued at $336,000 after purchasing an additional 90 shares during the period. Finally, Mayfair Advisory Group LLC lifted its position in ConocoPhillips by 3.5% during the 1st quarter. Mayfair Advisory Group LLC now owns 2,627 shares of the energy producer’s stock valued at $334,000 after purchasing an additional 90 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on COP shares. Mizuho cut their target price on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a research report on Monday. UBS Group upped their target price on shares of ConocoPhillips from $151.00 to $153.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Truist Financial cut their target price on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Sanford C. Bernstein lowered their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Finally, Wells Fargo & Company lowered their price target on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $143.06.

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.34% of the company’s stock.

ConocoPhillips Price Performance

NYSE COP opened at $105.56 on Tuesday. The business has a 50 day simple moving average of $110.03 and a 200 day simple moving average of $116.69. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The stock has a market cap of $122.58 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 0.78 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the business earned $1.84 EPS. ConocoPhillips’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts anticipate that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.20%. ConocoPhillips’s dividend payout ratio is currently 26.27%.

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.