Sumitomo Mitsui DS Asset Management Company Ltd Reduces Stock Holdings in ConocoPhillips (NYSE:COP)

Sumitomo Mitsui DS Asset Management Company Ltd reduced its position in ConocoPhillips (NYSE:COP) by 1.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 160,162 shares of the energy producer’s stock after selling 2,780 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in ConocoPhillips were worth $15,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in COP. Values First Advisors Inc. purchased a new stake in ConocoPhillips in the 3rd quarter worth about $26,000. Albion Financial Group UT boosted its position in ConocoPhillips by 876.9% during the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after purchasing an additional 228 shares during the period. Reston Wealth Management LLC purchased a new position in shares of ConocoPhillips in the third quarter worth about $31,000. Truvestments Capital LLC bought a new stake in shares of ConocoPhillips in the third quarter valued at approximately $31,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter valued at approximately $35,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $99.93 on Friday. The stock has a market cap of $115.01 billion, a price-to-earnings ratio of 11.88, a P/E/G ratio of 0.76 and a beta of 1.18. The stock’s 50-day moving average is $101.40 and its 200 day moving average is $106.32. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 1-year low of $94.23 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. On average, sell-side analysts anticipate that ConocoPhillips will post 7.64 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 17th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.12%. ConocoPhillips’s payout ratio is 37.10%.

Insider Transactions at ConocoPhillips

In other news, Director R A. Walker purchased 10,400 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were acquired at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the acquisition, the director now directly owns 38,000 shares in the company, valued at approximately $3,716,400. The trade was a 37.68 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Arjun N. Murti acquired 2,500 shares of the stock in a transaction dated Friday, December 20th. The shares were purchased at an average cost of $95.87 per share, with a total value of $239,675.00. Following the completion of the purchase, the director now owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. The trade was a 13.16 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on COP shares. Evercore ISI reissued an “outperform” rating and set a $165.00 target price on shares of ConocoPhillips in a report on Friday, December 6th. Scotiabank decreased their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Morgan Stanley began coverage on ConocoPhillips in a research note on Monday, December 16th. They issued an “overweight” rating and a $128.00 target price for the company. Piper Sandler reduced their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Buy” and an average price target of $135.89.

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.