Investment Management Corp of Ontario Reduces Stock Holdings in ConocoPhillips (NYSE:COP)

Investment Management Corp of Ontario decreased its holdings in ConocoPhillips (NYSE:COP) by 6.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 36,258 shares of the energy producer’s stock after selling 2,452 shares during the period. Investment Management Corp of Ontario’s holdings in ConocoPhillips were worth $3,596,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COP. Janus Henderson Group PLC lifted its position in ConocoPhillips by 7.0% during the fourth quarter. Janus Henderson Group PLC now owns 3,785,715 shares of the energy producer’s stock valued at $375,429,000 after buying an additional 248,283 shares during the period. Guardian Wealth Advisors LLC NC lifted its position in ConocoPhillips by 35.4% during the fourth quarter. Guardian Wealth Advisors LLC NC now owns 5,908 shares of the energy producer’s stock valued at $586,000 after buying an additional 1,544 shares during the period. Gotham Asset Management LLC lifted its position in ConocoPhillips by 31.3% during the fourth quarter. Gotham Asset Management LLC now owns 293,090 shares of the energy producer’s stock valued at $29,066,000 after buying an additional 69,936 shares during the period. Focus Partners Wealth lifted its position in ConocoPhillips by 29.5% during the fourth quarter. Focus Partners Wealth now owns 94,406 shares of the energy producer’s stock valued at $9,362,000 after buying an additional 21,505 shares during the period. Finally, Ethic Inc. lifted its position in ConocoPhillips by 208.4% during the fourth quarter. Ethic Inc. now owns 19,035 shares of the energy producer’s stock valued at $1,888,000 after buying an additional 12,862 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on COP shares. Bank of America lowered ConocoPhillips from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $138.00 to $107.00 in a research report on Tuesday, April 29th. Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $157.00 to $124.00 in a report on Monday, February 10th. TD Cowen started coverage on ConocoPhillips in a report on Friday, January 17th. They set a “buy” rating and a $125.00 price target for the company. JPMorgan Chase & Co. reduced their price target on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Truist Financial raised their price target on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus target price of $124.89.

ConocoPhillips Trading Down 0.3%

ConocoPhillips stock opened at $88.58 on Monday. The business has a 50-day simple moving average of $93.08 and a two-hundred day simple moving average of $99.37. The company has a market cap of $111.98 billion, a P/E ratio of 11.37, a P/E/G ratio of 0.79 and a beta of 0.64. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $122.56. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. During the same period in the previous year, the company posted $2.05 EPS. Analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.52%. ConocoPhillips’s dividend payout ratio (DPR) is presently 39.64%.

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.