Bank of Nova Scotia Sells 365,114 Shares of ConocoPhillips $COP

Bank of Nova Scotia decreased its position in shares of ConocoPhillips (NYSE:COP) by 64.3% during the first quarter, Holdings Channel reports. The institutional investor owned 203,107 shares of the energy producer’s stock after selling 365,114 shares during the period. Bank of Nova Scotia’s holdings in ConocoPhillips were worth $26,810,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of COP. Capital International Investors lifted its position in shares of ConocoPhillips by 5.9% in the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock valued at $4,527,230,000 after acquiring an additional 2,714,663 shares in the last quarter. AQR Capital Management LLC grew its position in shares of ConocoPhillips by 229.2% during the fourth quarter. AQR Capital Management LLC now owns 3,595,177 shares of the energy producer’s stock worth $336,544,000 after purchasing an additional 2,503,156 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of ConocoPhillips by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock worth $3,880,151,000 after purchasing an additional 2,350,645 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in ConocoPhillips during the 3rd quarter valued at approximately $135,265,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in ConocoPhillips in the 4th quarter worth approximately $128,470,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $120.30 on Friday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The firm has a market capitalization of $146.56 billion, a PE ratio of 20.42, a PEG ratio of 1.45 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The stock’s fifty day moving average is $113.50 and its 200 day moving average is $114.23.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. The firm had revenue of $15.76 billion during the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the business earned $2.09 EPS. On average, sell-side analysts anticipate that ConocoPhillips will post 9.2 earnings per share for the current year.

ConocoPhillips Dividend Announcement

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

Analysts Set New Price Targets

COP has been the subject of several recent analyst reports. Scotiabank upped their price target on ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Mizuho lowered their target price on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. BMO Capital Markets dropped their target price on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Truist Financial cut their target price on shares of ConocoPhillips from $128.00 to $115.00 and set a “hold” rating for the company in a research note on Wednesday, July 8th. Finally, Freedom Capital downgraded shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $134.16.

About ConocoPhillips

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.