Oslo Pensjonsforsikring AS Purchases New Stake in ConocoPhillips $COP

Oslo Pensjonsforsikring AS acquired a new stake in shares of ConocoPhillips (NYSE:COP) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,930 shares of the energy producer’s stock, valued at approximately $783,000.

Several other hedge funds also recently added to or reduced their stakes in COP. Baader Bank Aktiengesellschaft bought a new position in shares of ConocoPhillips during the first quarter worth about $545,000. Summit Asset Management LLC bought a new stake in ConocoPhillips in the first quarter valued at about $288,000. Wilkerson Advisory Group LLC increased its holdings in ConocoPhillips by 19.0% in the first quarter. Wilkerson Advisory Group LLC now owns 797 shares of the energy producer’s stock valued at $105,000 after buying an additional 127 shares during the last quarter. Madison Asset Management LLC raised its stake in ConocoPhillips by 79.7% during the first quarter. Madison Asset Management LLC now owns 210,608 shares of the energy producer’s stock valued at $27,800,000 after buying an additional 93,408 shares in the last quarter. Finally, Cutler Investment Counsel LLC acquired a new stake in ConocoPhillips during the first quarter valued at approximately $230,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on COP shares. Capital One Financial reduced their target price on ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a report on Monday, May 18th. Scotiabank upped their price target on ConocoPhillips from $100.00 to $125.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Barclays raised their price objective on ConocoPhillips from $136.00 to $155.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Morgan Stanley decreased their price objective on shares of ConocoPhillips from $153.00 to $146.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Finally, Piper Sandler lifted their price objective on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Eighteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $134.16.

ConocoPhillips Stock Performance

Shares of COP stock opened at $117.40 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average of $113.48 and a two-hundred day moving average of $113.84. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The company has a market cap of $143.03 billion, a P/E ratio of 19.93, a PEG ratio of 1.40 and a beta of 0.12.

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

ConocoPhillips Dividend Announcement

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