CIBC Asset Management Inc Increases Position in ConocoPhillips $COP

CIBC Asset Management Inc boosted its holdings in ConocoPhillips (NYSE:COP) by 47.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 340,699 shares of the energy producer’s stock after purchasing an additional 109,771 shares during the quarter. CIBC Asset Management Inc’s holdings in ConocoPhillips were worth $31,893,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of ConocoPhillips by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer’s stock valued at $11,256,713,000 after acquiring an additional 408,304 shares in the last quarter. Capital International Investors increased its holdings in shares of ConocoPhillips by 18.2% during the third quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock valued at $4,318,239,000 after acquiring an additional 7,037,873 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of ConocoPhillips by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock valued at $1,389,862,000 after acquiring an additional 193,401 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of ConocoPhillips by 20.6% during the third quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer’s stock valued at $1,228,886,000 after acquiring an additional 2,216,010 shares in the last quarter. Finally, Primecap Management Co. CA increased its holdings in shares of ConocoPhillips by 31.3% during the third quarter. Primecap Management Co. CA now owns 10,351,010 shares of the energy producer’s stock valued at $979,102,000 after acquiring an additional 2,467,555 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on COP. Wells Fargo & Company raised their price target on ConocoPhillips from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Truist Financial set a $128.00 price target on ConocoPhillips in a report on Friday, May 1st. The Goldman Sachs Group raised their price target on ConocoPhillips from $115.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 6th. Sanford C. Bernstein raised their price target on ConocoPhillips from $98.00 to $121.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Finally, Argus raised their price target on ConocoPhillips from $128.00 to $136.00 and gave the company a “buy” rating in a report on Friday, May 15th. Seventeen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $134.48.

ConocoPhillips Price Performance

NYSE COP opened at $119.24 on Thursday. ConocoPhillips has a one year low of $85.23 and a one year high of $135.87. The stock has a 50-day moving average of $122.52 and a 200 day moving average of $109.19. The company has a market capitalization of $145.27 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 1.29 and a beta of 0.11. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping the consensus estimate of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The company had revenue of $15.76 billion during the quarter, compared to the consensus estimate of $15.62 billion. During the same period last year, the company earned $2.09 EPS. ConocoPhillips’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, sell-side analysts forecast that ConocoPhillips will post 10.03 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s dividend payout ratio (DPR) is presently 57.05%.

Insider Buying and Selling

In other ConocoPhillips news, CEO Ryan Michael Lance sold 113,221 shares of the firm’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total value of $15,025,558.91. Following the transaction, the chief executive officer directly owned 350,000 shares of the company’s stock, valued at approximately $46,448,500. This trade represents a 24.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Heather G. Hrap sold 2,654 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $119.68, for a total value of $317,630.72. Following the completion of the transaction, the senior vice president directly owned 5,663 shares in the company, valued at $677,747.84. The trade was a 31.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 734,891 shares of company stock worth $93,345,692 in the last three months. 0.09% of the stock is currently owned by company insiders.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.