Nippon Life Global Investors Americas Inc. Lowers Position in ConocoPhillips (NYSE:COP)

Nippon Life Global Investors Americas Inc. decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 6.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,600 shares of the energy producer’s stock after selling 13,170 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in ConocoPhillips were worth $22,601,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Cooksen Wealth LLC bought a new position in shares of ConocoPhillips in the 4th quarter worth $27,000. Cape Investment Advisory Inc. increased its stake in ConocoPhillips by 96.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 121 shares during the last quarter. Stephens Consulting LLC raised its position in ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares in the last quarter. Richardson Capital Management LLC bought a new stake in ConocoPhillips during the first quarter worth about $31,000. Finally, Northwest Bank & Trust Co bought a new stake in ConocoPhillips during the fourth quarter worth about $32,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $109.87 on Monday. The business has a 50 day moving average of $109.76 and a 200 day moving average of $116.60. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The company has a market cap of $127.59 billion, a PE ratio of 12.44, a P/E/G ratio of 0.80 and a beta of 1.22. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter in the previous year, the firm posted $1.84 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities research analysts forecast that ConocoPhillips will post 8.41 earnings per share for the current 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. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s payout ratio is presently 26.27%.

Analyst Ratings Changes

A number of brokerages recently weighed in on COP. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a report on Friday, September 13th. Barclays increased their price target on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Sanford C. Bernstein lowered their price objective 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. UBS Group decreased their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, Truist Financial lowered their price target on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.29.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

ConocoPhillips Company 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.