Uncovering Institutional Buying In ConocoPhillips (NYSE: COP)

DE Stock
DE Stock

The Vanguard Group, Inc. recently announced the acquisition of new stake in ConocoPhillips (NYSE:COP). The institutional investor has increased its shareholding in the Energy company by 0.27% to 84.15 million shares with purchase of 0.22 million shares. This fresh investment now brings its stake to 7.85% valued currently at $3.15 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 0.75 million to 53.83 million shares. And Capital Research & Management Co.. has lifted its position by 5.34% or 1.37 million shares – to 26.97 million shares.

With over 6.27 million ConocoPhillips (COP) shares trading Tuesday and a closing price of $37.16 on the day, the dollar volume was approximately $232.83 million. The shares have shown a negative weekly performance of -4.35% and its price on 09/01/20 lost nearly -1.93%. Currently, there are 1.08B common shares owned by the public and among those 1.07B shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 27 analysts who have offered their price forecasts for COP have a consensus price objective of $50.68. The analysts have set the share’s price value over the next 12 months at a high of $62.00 and a low of $43.00 should the stock experience a downside. Incidentally, analysts’ outlook for the ConocoPhillips stock is 1.90 for the next 12 months. The average price target is 27.73% above its last price level and an upside to the estimated low will see the stock gain 13.58% over that period. But an upside of 40.06% will see the stock hit the forecast high price target while mean target price for the stock is $50.00.

Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 35 of these insider trades were purchases, accounting for 1,141,593 shares. Insider sales of the common stock occurred on 51 occasions, with total insider shares sold totaling 1,132,556 shares.

The top 3 mutual fund holders in ConocoPhillips are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and JPMorgan Equity Income Fund. Vanguard Total Stock Market Index owns 30.48 million shares of the company’s stock, all valued at over $1.14 billion. The company sold 60676.0 shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard 500 Index Fund sold -0.13 million shares to see its total holdings shrink to 22.12 million shares valued at over $826.95 million and representing 2.06% of the shares outstanding. JPMorgan Equity Income Fund now owns shares totaling to 1.10% of the shares outstanding.

Shares of ConocoPhillips (NYSE: COP) opened at $37.42, down -$0.47 from a prior closing price of $37.89. However, the script later closed the day at $37.16, down -1.93%. The company’s stock has a 5-day price change of -4.35% and -17.64% over the past three months. COP shares are trading -42.86% year to date (YTD), with the 12-month market performance down to -28.59% lower. It has a 12-month low price of $20.84 and touched a high of $67.13 over the same period. Currently, 6.27 million shares have been traded, compared to an average intraday trading volume of 6.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.93%, -6.96%, and -20.71% respectively.

Institutional ownership of ConocoPhillips (NYSE: COP) shares accounts for 75.00% of the company’s 1.08B shares outstanding. Mutual fund holders own 31.97%, while other institutional holders and individual stakeholders account for 42.86% and 0.41% respectively.

It has a market capitalization of $39.62B and a beta (3y monthly) value of 1.65. The stock’s trailing 12-month PE ratio is 18.23, while the earnings-per-share (ttm) stands at $2.04. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.49% over the week and 2.79% over the month.

Analysts forecast that ConocoPhillips (COP) will achieve an EPS of -$0.25 for the current quarter, -$0.09 for the next quarter and $0.56 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.56 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was $0.82 a year ago. Earnings per share for the fiscal year are expected to increase by 20.40%, and 170.70% over the next financial year. EPS should shrink at an annualized rate of -0.21% over the next five years, compared to 6.80% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate ConocoPhillips (COP) as a “Strong Buy” at a consensus score of 1.90. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 3 of the 27 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the COP, a number of firms have released research notes about the stock. Credit Suisse stated their Outperform rating for the stock in a research note on August 05, 2020, with the firm’s price target at $52. Jefferies coverage for the ConocoPhillips (COP) stock in a research note released on June 12, 2020 offered a Buy rating with a price target of. BofA/Merrill was of a view on May 01, 2020 that the stock is Neutral, while Mizuho gave the stock Neutral rating on April 03, 2020, issuing a price target of $33. RBC Capital Mkts on their part issued Outperform rating on March 16, 2020.


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