Pacer Advisors Inc. Buys 4,504,653 Shares of ConocoPhillips (NYSE:COP)

Pacer Advisors Inc. lifted its stake in ConocoPhillips (NYSE:COP) by 5,422.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,587,729 shares of the energy producer’s stock after purchasing an additional 4,504,653 shares during the quarter. ConocoPhillips accounts for approximately 1.0% of Pacer Advisors Inc.’s holdings, making the stock its 18th biggest position. Pacer Advisors Inc. owned approximately 0.40% of ConocoPhillips worth $482,996,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of COP. Thompson Siegel & Walmsley LLC lifted its stake in shares of ConocoPhillips by 8.7% in the third quarter. Thompson Siegel & Walmsley LLC now owns 2,807 shares of the energy producer’s stock worth $296,000 after buying an additional 225 shares in the last quarter. LPL Financial LLC raised its holdings in ConocoPhillips by 3.1% in the 3rd quarter. LPL Financial LLC now owns 1,021,324 shares of the energy producer’s stock worth $107,525,000 after acquiring an additional 30,772 shares during the last quarter. German American Bancorp Inc. lifted its position in ConocoPhillips by 7.3% in the 3rd quarter. German American Bancorp Inc. now owns 53,984 shares of the energy producer’s stock valued at $5,683,000 after acquiring an additional 3,650 shares in the last quarter. Cypress Capital Group boosted its stake in ConocoPhillips by 0.5% during the 3rd quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock valued at $1,978,000 after purchasing an additional 96 shares during the last quarter. Finally, Primecap Management Co. CA increased its holdings in shares of ConocoPhillips by 48.9% in the 3rd quarter. Primecap Management Co. CA now owns 4,320,905 shares of the energy producer’s stock worth $454,905,000 after purchasing an additional 1,418,900 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Up 0.3 %

Shares of NYSE:COP opened at $113.43 on Thursday. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The company has a market cap of $130.55 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. The stock has a 50 day moving average of $108.57 and a 200 day moving average of $111.48. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.16 EPS. As a group, equities research analysts expect that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be issued a $0.78 dividend. The ex-dividend date is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 2.75%. ConocoPhillips’s payout ratio is currently 37.10%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on COP shares. BMO Capital Markets increased their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. Finally, Truist Financial cut their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and an average target price of $137.63.

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.