Cullinan Associates Inc. Has $2.42 Million Stock Holdings in ConocoPhillips (NYSE:COP)

Cullinan Associates Inc. boosted its position in shares of ConocoPhillips (NYSE:COP) by 1.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,979 shares of the energy producer’s stock after purchasing an additional 300 shares during the period. Cullinan Associates Inc.’s holdings in ConocoPhillips were worth $2,423,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of COP. Richardson Capital Management LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at about $31,000. Ruedi Wealth Management Inc. lifted its stake in ConocoPhillips by 150.0% in the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock valued at $32,000 after acquiring an additional 150 shares during the last quarter. Values First Advisors Inc. acquired a new stake in ConocoPhillips in the third quarter valued at approximately $26,000. Stephens Consulting LLC grew its position in ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after acquiring an additional 104 shares in the last quarter. Finally, Valued Wealth Advisors LLC increased its stake in shares of 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 purchasing an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE COP traded up $0.60 during mid-day trading on Friday, hitting $104.97. The company had a trading volume of 203,862 shares, compared to its average volume of 5,868,840. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The firm has a market cap of $121.90 billion, a P/E ratio of 11.63, a PEG ratio of 0.84 and a beta of 1.21. The business’s 50-day simple moving average is $108.74 and its 200-day simple moving average is $114.21. 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) last posted 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. The firm had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.84 EPS. As a group, analysts predict that ConocoPhillips will post 7.95 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. Shareholders 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 dividend on an annualized basis and a yield of 2.21%. ConocoPhillips’s dividend payout ratio is currently 25.86%.

Wall Street Analyst Weigh In

COP has been the subject of a number of recent research reports. Wolfe Research initiated coverage on shares of ConocoPhillips in a report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective for the company. Barclays decreased their price target on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Sanford C. Bernstein cut 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. Scotiabank reduced their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Finally, BMO Capital Markets increased their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $136.94.

Insider Buying and Selling at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

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.