Bank of Nova Scotia Has $49.25 Million Stake in ConocoPhillips (NYSE:COP)

Bank of Nova Scotia decreased its holdings in ConocoPhillips (NYSE:COP) by 48.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 468,998 shares of the energy producer’s stock after selling 440,686 shares during the period. Bank of Nova Scotia’s holdings in ConocoPhillips were worth $49,250,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock worth $4,546,706,000 after purchasing an additional 5,549,078 shares in the last quarter. Elevation Point Wealth Partners LLC boosted its position in shares of ConocoPhillips by 83.0% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock worth $1,897,000 after acquiring an additional 8,189 shares in the last quarter. Schwartz Investment Counsel Inc. increased its stake in ConocoPhillips by 159.6% in the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock valued at $5,125,000 after acquiring an additional 30,000 shares during the last quarter. ORG Wealth Partners LLC increased its stake in ConocoPhillips by 853.3% in the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock valued at $698,000 after acquiring an additional 5,922 shares during the last quarter. Finally, Hennessy Advisors Inc. increased its stake in ConocoPhillips by 151.1% in the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer’s stock valued at $9,580,000 after acquiring an additional 54,900 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP opened at $92.75 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13. The stock has a 50-day moving average of $91.97 and a 200-day moving average of $94.07. The company has a market cap of $117.25 billion, a PE ratio of 11.79, a P/E/G ratio of 2.41 and a beta of 0.67. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The company had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same period last year, the business posted $2.05 EPS. On average, equities research analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a yield of 3.4%. ConocoPhillips’s dividend payout ratio (DPR) is 39.64%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on COP shares. Mizuho decreased their price objective on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Morgan Stanley reissued an “overweight” rating and issued a $119.00 price objective on shares of ConocoPhillips in a research note on Tuesday, July 15th. Bank of America decreased their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, May 23rd. UBS Group lifted their price objective on shares of ConocoPhillips from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Finally, Barclays lowered their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus target price of $121.33.

Insider Buying and Selling

In other news, EVP Kirk L. Johnson acquired 5,300 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This represents a 57.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.24% of the company’s stock.

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.