CIBC Asset Management Inc Increases Stock Holdings in ConocoPhillips $COP

CIBC Asset Management Inc boosted its position in ConocoPhillips (NYSE:COP) by 47.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 340,699 shares of the energy producer’s stock after purchasing an additional 109,771 shares during the period. CIBC Asset Management Inc’s holdings in ConocoPhillips were worth $31,893,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in shares of ConocoPhillips by 14.7% during the 3rd quarter. Victory Capital Management Inc. now owns 2,331,176 shares of the energy producer’s stock valued at $220,506,000 after buying an additional 298,245 shares in the last quarter. Natixis Advisors LLC lifted its holdings in ConocoPhillips by 8.7% in the 3rd quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer’s stock worth $188,842,000 after purchasing an additional 160,410 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in ConocoPhillips by 31.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer’s stock worth $8,067,000 after purchasing an additional 20,501 shares in the last quarter. SPX Gestao de Recursos Ltda purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $1,892,000. Finally, D.A. Davidson & CO. lifted its holdings in ConocoPhillips by 10.5% in the 4th quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock worth $14,572,000 after purchasing an additional 14,833 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of research analyst reports. Susquehanna boosted their price target on ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Wells Fargo & Company boosted their price target on ConocoPhillips from $132.00 to $133.00 and gave the stock 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. JPMorgan Chase & Co. boosted their price target on ConocoPhillips from $98.00 to $103.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Finally, Royal Bank Of Canada boosted their price target on ConocoPhillips from $118.00 to $152.00 and gave the stock an “outperform” rating in a report on Wednesday, April 8th. Seventeen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $134.48.

ConocoPhillips Price Performance

NYSE:COP opened at $119.24 on Thursday. The firm 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 current ratio of 1.29 and a quick ratio of 1.14. The business has a 50 day simple moving average of $122.52 and a 200-day simple moving average of $109.19. ConocoPhillips has a 1 year low of $85.23 and a 1 year high of $135.87.

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

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. ConocoPhillips’s payout ratio is 57.05%.

Insider Transactions at ConocoPhillips

In other news, SVP Kelly Brunetti Rose sold 8,500 shares of ConocoPhillips stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $118.04, for a total value of $1,003,340.00. Following the completion of the transaction, the senior vice president owned 32,984 shares in the company, valued at approximately $3,893,431.36. The trade was a 20.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nicholas G. Olds sold 14,522 shares of ConocoPhillips stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $119.36, for a total value of $1,733,345.92. Following the completion of the transaction, the executive vice president owned 12,389 shares of the company’s stock, valued at approximately $1,478,751.04. This trade represents a 53.96% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 734,891 shares of company stock worth $93,345,692. 0.09% of the stock is currently owned by corporate 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.