Korea Investment CORP Sells 417,131 Shares of ConocoPhillips (NYSE:COP)

Korea Investment CORP cut its stake in ConocoPhillips (NYSE:COP) by 25.1% in the 1st quarter, Holdings Channel reports. The firm owned 1,247,200 shares of the energy producer’s stock after selling 417,131 shares during the period. Korea Investment CORP’s holdings in ConocoPhillips were worth $38,414,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of COP. Norges Bank bought a new position in ConocoPhillips in the 4th quarter worth $787,934,000. BlackRock Inc. raised its holdings in ConocoPhillips by 8.6% in the 1st quarter. BlackRock Inc. now owns 86,102,053 shares of the energy producer’s stock worth $2,651,945,000 after purchasing an additional 6,842,989 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in ConocoPhillips by 47.4% in the 4th quarter. Nuveen Asset Management LLC now owns 9,656,663 shares of the energy producer’s stock worth $627,973,000 after purchasing an additional 3,103,199 shares in the last quarter. State Street Corp raised its holdings in ConocoPhillips by 5.3% in the 1st quarter. State Street Corp now owns 53,080,153 shares of the energy producer’s stock worth $1,634,869,000 after purchasing an additional 2,693,223 shares in the last quarter. Finally, FMR LLC raised its holdings in ConocoPhillips by 16.0% in the 4th quarter. FMR LLC now owns 19,477,396 shares of the energy producer’s stock worth $1,266,615,000 after purchasing an additional 2,689,765 shares in the last quarter. Institutional investors and hedge funds own 72.35% of the company’s stock.

Shares of NYSE COP traded down $1.94 during trading on Tuesday, reaching $48.37. 95,656 shares of the company traded hands, compared to its average volume of 6,834,207. The firm has a 50 day simple moving average of $41.24 and a 200-day simple moving average of $49.81. The company has a quick ratio of 2.04, a current ratio of 2.16 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $51.83 billion, a PE ratio of 15.15 and a beta of 1.70. ConocoPhillips has a 52-week low of $20.84 and a 52-week high of $67.13.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, April 30th. The energy producer reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.22. The firm had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $6.55 billion. ConocoPhillips had a net margin of 11.51% and a return on equity of 10.02%. During the same quarter last year, the firm posted $1.00 EPS. As a group, research analysts predict that ConocoPhillips will post -1.04 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Friday, May 8th. ConocoPhillips’s payout ratio is presently 46.80%.

Several research analysts recently issued reports on COP shares. Piper Sandler increased their price target on shares of ConocoPhillips from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. UBS Group decreased their price target on shares of ConocoPhillips from $85.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Cfra decreased their price target on shares of ConocoPhillips from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 9th. Wells Fargo & Co increased their price target on shares of ConocoPhillips from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Finally, Credit Suisse Group increased their price target on shares of ConocoPhillips from $37.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $56.82.

In related news, Director David Thomas Seaton purchased 2,400 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were purchased at an average price of $41.03 per share, with a total value of $98,472.00. Following the acquisition, the director now directly owns 2,500 shares in the company, valued at approximately $102,575. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.70% of the company’s stock.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

Further Reading: Return On Assets

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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