Canada Pension Plan Investment Board Grows Stock Position in ConocoPhillips (NYSE:COP)

Canada Pension Plan Investment Board grew its holdings in ConocoPhillips (NYSE:COP) by 49.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 117,623 shares of the energy producer’s stock after acquiring an additional 39,016 shares during the quarter. Canada Pension Plan Investment Board’s holdings in ConocoPhillips were worth $13,454,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of COP. Cooksen Wealth LLC purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $27,000. Richardson Capital Management LLC acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $31,000. Cape Investment Advisory Inc. raised its stake in ConocoPhillips by 96.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after acquiring an additional 121 shares during the last quarter. Ruedi Wealth Management Inc. lifted its position in ConocoPhillips by 150.0% during the 1st quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after acquiring an additional 150 shares during the period. Finally, Stephens Consulting LLC grew its stake in ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity

In related 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 directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays raised their price objective on ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Truist Financial decreased their price objective 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. Raymond James reiterated a “strong-buy” rating and issued a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Bank of America reaffirmed a “buy” rating and issued a $147.00 price target on shares of ConocoPhillips in a report on Friday, June 14th. Finally, Sanford C. Bernstein reduced their price objective on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average target price of $142.29.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $109.69 on Tuesday. The stock has a market capitalization of $127.38 billion, a P/E ratio of 12.42, a P/E/G ratio of 0.80 and a beta of 1.22. The company’s fifty day moving average price is $109.66 and its 200 day moving average price is $116.58. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter last year, the business earned $1.84 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were issued a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.12%. ConocoPhillips’s payout ratio is currently 26.27%.

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.