Smead Capital Management Inc. Acquires 74,045 Shares of ConocoPhillips (NYSE:COP)

Smead Capital Management Inc. boosted its holdings in shares of ConocoPhillips (NYSE:COP) by 3.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,196,884 shares of the energy producer’s stock after purchasing an additional 74,045 shares during the period. ConocoPhillips comprises 3.3% of Smead Capital Management Inc.’s portfolio, making the stock its 16th biggest holding. Smead Capital Management Inc. owned about 0.19% of ConocoPhillips worth $231,288,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COP. Values First Advisors Inc. bought a new position in ConocoPhillips during the third quarter worth about $26,000. Stephens Consulting LLC lifted its stake in ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares during the period. Reston Wealth Management LLC bought a new position in ConocoPhillips during the third quarter worth about $31,000. Y.D. More Investments Ltd bought a new position in shares of ConocoPhillips in the second quarter valued at approximately $35,000. Finally, Fairway Wealth LLC raised its stake in shares of ConocoPhillips by 95.6% in the second quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on COP. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $126.00 target price (down previously from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Barclays lifted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. BMO Capital Markets lifted their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Mizuho lifted their target price on shares of ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a research note on Friday, September 13th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Price Performance

COP opened at $113.76 on Tuesday. The company has a fifty day moving average price of $108.17 and a two-hundred day moving average price of $111.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The firm has a market capitalization of $130.93 billion, a PE ratio of 13.53, a P/E/G ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.16 EPS. As a group, analysts anticipate that ConocoPhillips will post 7.8 earnings per share for the current year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.74%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio is currently 37.10%.

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.