Toronto Dominion Bank Reduces Stock Holdings in ConocoPhillips (NYSE:COP)

Toronto Dominion Bank lowered its position in ConocoPhillips (NYSE:COP) by 24.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 441,456 shares of the energy producer’s stock after selling 141,109 shares during the quarter. Toronto Dominion Bank’s holdings in ConocoPhillips were worth $43,779,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Tallon Kerry Patrick purchased a new position in ConocoPhillips during the fourth quarter worth about $511,000. Legacy Wealth Asset Management LLC boosted its stake in ConocoPhillips by 7.9% during the fourth quarter. Legacy Wealth Asset Management LLC now owns 7,245 shares of the energy producer’s stock worth $718,000 after buying an additional 530 shares during the period. Carnegie Investment Counsel boosted its stake in ConocoPhillips by 127.4% during the fourth quarter. Carnegie Investment Counsel now owns 17,105 shares of the energy producer’s stock worth $1,696,000 after buying an additional 9,583 shares during the period. Ritholtz Wealth Management boosted its stake in ConocoPhillips by 12.4% during the fourth quarter. Ritholtz Wealth Management now owns 29,358 shares of the energy producer’s stock worth $2,911,000 after buying an additional 3,232 shares during the period. Finally, Hennessy Advisors Inc. boosted its stake in ConocoPhillips by 17.0% during the fourth quarter. Hennessy Advisors Inc. now owns 36,324 shares of the energy producer’s stock worth $3,602,000 after buying an additional 5,279 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Down 0.7%

Shares of NYSE:COP opened at $92.34 on Friday. The firm’s 50 day moving average price is $93.24 and its 200 day moving average price is $99.03. The stock has a market cap of $116.73 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $122.11. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The company had revenue of $16.18 billion for the quarter, compared to analysts’ expectations of $15.74 billion. During the same quarter last year, the company earned $2.05 earnings per share. As a group, equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a dividend of $0.78 per share. The ex-dividend date is Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.38%. ConocoPhillips’s payout ratio is currently 39.64%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on COP. Barclays lowered their target price on shares of ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. UBS Group reduced their price target on shares of ConocoPhillips from $116.00 to $111.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Mizuho reduced their price target on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.74.

ConocoPhillips 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.