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Capital World Investors Added a Major Position in COP in Q2

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COP’s recent institutional activity

Capital World Investors added a major position in ConocoPhillips (COP) during the second quarter, buying 19.6 million COP shares for $1.37 billion. It was followed by AQR Capital Management, which added 4.2 million COP shares. Meanwhile, Barrow, Hanley, Mewhinney & Strauss and Templeton Investment Counsel, COP’s biggest sellers, sold 8.4 million and 6.2 million shares, respectively. Among COP’s top five buyers and sellers, 9.6 million net positions were added, suggesting bullishness.

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Top five holders

The Vanguard Group, Capital World Investors, BlackRock Institutional Trust, State Street Global Advisors, and Fidelity Management & Research are COP’s top five institutional holders. The Vanguard Group remained COP’s top institutional investor in the second quarter despite unloading 3.9 million shares. It currently holds 7.6% of the company.

Analysts’ recommendations

Of the analysts covering COP, 66.7% recommend “buy,” 29.2% recommend “hold,” and 4.2% recommend “sell.” Morgan Stanley initiated coverage on COP with an “overweight” rating, which is equivalent to “buy.” Overall, COP has seen six rating updates this month: three coverage initiations, two downgrades, and one upgrade.

Analysts’ average target price of $80.30 implies an ~11% upside to its current price of $72. In the next article, we’ll look at EOG Resources’ (EOG) recent institutional activity.

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