Cullen Capital Management LLC Has $173.63 Million Stock Position in ConocoPhillips $COP

Cullen Capital Management LLC lifted its position in shares of ConocoPhillips (NYSE:COP) by 52.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,934,767 shares of the energy producer’s stock after acquiring an additional 667,841 shares during the quarter. ConocoPhillips makes up about 2.0% of Cullen Capital Management LLC’s investment portfolio, making the stock its 21st largest position. Cullen Capital Management LLC’s holdings in ConocoPhillips were worth $173,626,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Navalign LLC lifted its position in ConocoPhillips by 1.1% during the 2nd quarter. Navalign LLC now owns 9,918 shares of the energy producer’s stock valued at $890,000 after purchasing an additional 108 shares during the period. Tritonpoint Wealth LLC raised its stake in shares of ConocoPhillips by 1.3% during the second quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after buying an additional 110 shares during the last quarter. Iowa State Bank raised its stake in shares of ConocoPhillips by 0.5% during the second quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after buying an additional 110 shares during the last quarter. Perennial Investment Advisors LLC lifted its holdings in ConocoPhillips by 2.8% in the second quarter. Perennial Investment Advisors LLC now owns 4,097 shares of the energy producer’s stock valued at $368,000 after buying an additional 112 shares during the period. Finally, FAS Wealth Partners Inc. boosted its stake in ConocoPhillips by 0.9% in the second quarter. FAS Wealth Partners Inc. now owns 12,154 shares of the energy producer’s stock valued at $1,091,000 after acquiring an additional 112 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on COP. Susquehanna dropped their target price on shares of ConocoPhillips to $113.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Melius initiated coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price on the stock. Mizuho boosted their target price on ConocoPhillips from $120.00 to $121.00 and gave the stock an “outperform” rating in a research report on Friday. Royal Bank Of Canada upped their price target on ConocoPhillips from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Finally, Wells Fargo & Company assumed coverage on shares of ConocoPhillips in a research note on Friday, October 17th. They set an “equal weight” rating and a $100.00 price objective on the stock. Nineteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus target price of $114.54.

Insiders Place Their Bets

In other news, Director William H. Mcraven bought 5,768 shares of the stock in a transaction on Monday, November 10th. The stock was purchased at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the acquisition, the director owned 5,768 shares in the company, valued at approximately $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.24% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP opened at $95.58 on Monday. The stock has a 50 day simple moving average of $89.57 and a 200 day simple moving average of $92.17. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $106.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32. The firm has a market capitalization of $118.11 billion, a PE ratio of 13.52, a P/E/G ratio of 2.16 and a beta of 0.32.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The firm had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 earnings per share. Sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were given a $0.84 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $3.36 annualized dividend and a yield of 3.5%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s payout ratio is presently 47.52%.

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.