Asahi Life Asset Management CO. LTD. Invests $547,000 in ConocoPhillips (NYSE:COP)

Asahi Life Asset Management CO. LTD. bought a new position in ConocoPhillips (NYSE:COP) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,200 shares of the energy producer’s stock, valued at approximately $547,000.

Several other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after acquiring an additional 8,479,963 shares in the last quarter. Capital International Investors boosted its holdings in shares of ConocoPhillips by 9.6% during the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after purchasing an additional 1,856,085 shares during the period. Legal & General Group Plc boosted its holdings in shares of ConocoPhillips by 4.6% during the second quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock worth $1,132,430,000 after purchasing an additional 438,241 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of ConocoPhillips by 2.0% during the second quarter. Diamond Hill Capital Management Inc. now owns 5,709,604 shares of the energy producer’s stock worth $653,065,000 after purchasing an additional 109,885 shares during the period. Finally, Boston Partners boosted its holdings in shares of ConocoPhillips by 10.3% during the first quarter. Boston Partners now owns 4,451,796 shares of the energy producer’s stock worth $567,111,000 after purchasing an additional 415,878 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

COP has been the subject of several research reports. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Sanford C. Bernstein decreased their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Susquehanna reduced their target price on shares of ConocoPhillips from $147.00 to $144.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Truist Financial reduced their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. 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 research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $136.94.

ConocoPhillips Stock Performance

COP stock traded down $1.52 on Monday, reaching $103.04. 914,978 shares of the company were exchanged, compared to its average volume of 5,862,424. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The stock’s fifty day moving average price is $108.47 and its 200 day moving average price is $113.68. The firm has a market capitalization of $120.51 billion, a PE ratio of 11.84, a PEG ratio of 0.84 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.02. The firm had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.84 EPS. On average, research analysts anticipate that ConocoPhillips will post 7.95 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.25%. ConocoPhillips’s dividend payout ratio is presently 26.27%.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now owns 455,909 shares in the company, valued at approximately $49,288,321.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

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.