The Manufacturers Life Insurance Company Sells 82,179 Shares of ConocoPhillips $COP

The Manufacturers Life Insurance Company lessened its position in shares of ConocoPhillips (NYSE:COP) by 4.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,847,795 shares of the energy producer’s stock after selling 82,179 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in ConocoPhillips were worth $243,910,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Frazier Financial Advisors LLC lifted its position in ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after purchasing an additional 145 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in ConocoPhillips during the fourth quarter worth $25,000. Evergreen Advisors LLC bought a new stake in ConocoPhillips in the 1st quarter valued at $36,000. Strive Asset Management LLC bought a new stake in ConocoPhillips in the 3rd quarter valued at $28,000. Finally, Avalon Trust Co acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $40,000. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

COP has been the subject of a number of analyst reports. Scotiabank raised their price objective on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Argus upped their target price on shares of ConocoPhillips from $128.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Piper Sandler increased their price target on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. BMO Capital Markets cut their price target on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Roth Capital raised ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $124.00 to $130.00 in a report on Monday, June 22nd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus target price of $134.16.

ConocoPhillips Stock Down 3.9%

Shares of NYSE COP opened at $115.54 on Tuesday. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The business has a fifty day moving average of $113.32 and a two-hundred day moving average of $114.46. The stock has a market cap of $140.76 billion, a PE ratio of 19.62, a PEG ratio of 1.45 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.17. The business had revenue of $15.76 billion for the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.09 EPS. As a group, equities research analysts expect that ConocoPhillips will post 9.2 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips’s dividend payout ratio is currently 57.05%.

ConocoPhillips Company 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.