OVERSEA CHINESE BANKING Corp Ltd Acquires 7,865 Shares of ConocoPhillips (NYSE:COP)

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in ConocoPhillips (NYSE:COP) by 10.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 85,462 shares of the energy producer’s stock after purchasing an additional 7,865 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ConocoPhillips were worth $8,466,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cypress Capital Group grew its holdings in ConocoPhillips by 0.5% during the 3rd quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock worth $1,978,000 after acquiring an additional 96 shares during the last quarter. Orrstown Financial Services Inc. lifted its position in shares of ConocoPhillips by 3.0% during the fourth quarter. Orrstown Financial Services Inc. now owns 3,342 shares of the energy producer’s stock worth $331,000 after purchasing an additional 96 shares in the last quarter. Smithfield Trust Co grew its stake in shares of ConocoPhillips by 3.3% during the third quarter. Smithfield Trust Co now owns 3,132 shares of the energy producer’s stock valued at $332,000 after purchasing an additional 100 shares during the last quarter. Principle Wealth Partners LLC increased its holdings in shares of ConocoPhillips by 0.3% in the fourth quarter. Principle Wealth Partners LLC now owns 37,255 shares of the energy producer’s stock valued at $3,695,000 after purchasing an additional 100 shares in the last quarter. Finally, Arlington Trust Co LLC raised its position in ConocoPhillips by 1.2% in the 4th quarter. Arlington Trust Co LLC now owns 8,640 shares of the energy producer’s stock worth $857,000 after purchasing an additional 102 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on COP shares. JPMorgan Chase & Co. dropped their target price on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Truist Financial raised their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, January 13th. The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a research note on Thursday, January 30th. TD Cowen initiated coverage on ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 price target on the stock. Finally, Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $157.00 to $124.00 in a report on Monday, February 10th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $133.05.

ConocoPhillips Stock Up 1.2 %

Shares of COP stock opened at $100.51 on Wednesday. The firm’s fifty day moving average price is $99.19 and its two-hundred day moving average price is $103.56. ConocoPhillips has a 1 year low of $86.81 and a 1 year high of $135.18. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $127.88 billion, a P/E ratio of 12.90, a PEG ratio of 0.79 and a beta of 1.12.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. On average, equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were issued a dividend of $0.78 per share. The ex-dividend date was Friday, February 14th. This represents a $3.12 dividend on an annualized basis and a yield of 3.10%. ConocoPhillips’s payout ratio is 40.05%.

Insiders Place Their Bets

In other news, Director Arjun N. Murti bought 2,500 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were bought at an average cost of $95.87 per share, with a total value of $239,675.00. Following the acquisition, the director now owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.