Mattern Capital Management LLC Buys 1,513 Shares of ConocoPhillips (NYSE:COP)

Mattern Capital Management LLC boosted its stake in ConocoPhillips (NYSE:COP) by 29.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,586 shares of the energy producer’s stock after purchasing an additional 1,513 shares during the quarter. Mattern Capital Management LLC’s holdings in ConocoPhillips were worth $753,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cooksen Wealth LLC bought a new position in ConocoPhillips during the fourth quarter valued at approximately $27,000. Sachetta LLC purchased a new position in shares of ConocoPhillips in the fourth quarter valued at $27,000. Richardson Capital Management LLC purchased a new position in shares of ConocoPhillips in the first quarter valued at $31,000. Cape Investment Advisory Inc. raised its stake in ConocoPhillips by 96.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 121 shares in the last quarter. Finally, Ruedi Wealth Management Inc. raised its stake in ConocoPhillips by 150.0% during the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 150 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Sanford C. Bernstein reduced their target price on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Wolfe Research assumed coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective for the company. Royal Bank of Canada boosted their target price on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, May 15th. Mizuho lowered their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research report on Wednesday, June 5th. Finally, Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a research report on Friday, June 7th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.24.

ConocoPhillips Price Performance

COP opened at $108.56 on Thursday. The company has a market capitalization of $126.07 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 0.85 and a beta of 1.22. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12-month low of $102.27 and a 12-month high of $135.18. The business’s fifty day simple moving average is $111.50 and its 200-day simple moving average is $117.04.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. During the same quarter last year, the firm posted $1.84 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts anticipate that ConocoPhillips will post 8.5 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 dividend on an annualized basis and a dividend yield of 2.14%. ConocoPhillips’s payout ratio is 26.27%.

Insider Activity

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the business’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 sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate 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.