Bank of Nova Scotia Acquires New Stake in ConocoPhillips $COP

Key Points

• Bank of Nova Scotia acquired 674,468 ConocoPhillips shares worth approximately $70.1 million in the second quarter, giving it a 0.06% stake. Institutional investors collectively own 82.36% of COP.
• ConocoPhillips exceeded quarterly expectations with $3.24 in EPS versus the $2.90 consensus and $19.52 billion in revenue, up 32.4% year over year.
• COP was trading near its 52-week high at $135.45, while the company declared a $0.84 quarterly dividend. Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $139.21.

Bank of Nova Scotia purchased a new stake in shares of ConocoPhillips (NYSE:COP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 674,468 shares of the energy producer's stock, valued at approximately $70,118,000. Bank of Nova Scotia owned about 0.06% of ConocoPhillips as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Patten Group Inc. raised its holdings in ConocoPhillips by 1.5% during the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer's stock worth $719,000 after purchasing an additional 83 shares in the last quarter. IFC Advisors LLC lifted its stake in ConocoPhillips by 0.4% in the 1st quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer's stock worth $2,664,000 after acquiring an additional 84 shares in the last quarter. Cornerstone Planning Group LLC boosted its holdings in shares of ConocoPhillips by 9.6% during the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer's stock worth $124,000 after purchasing an additional 88 shares during the period. Blue Trust Inc. lifted its holdings in shares of ConocoPhillips by 0.4% during the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer's stock valued at $2,791,000 after buying an additional 92 shares during the last quarter. Finally, Sigma Planning Corp increased its position in ConocoPhillips by 0.6% during the first quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer's stock worth $2,120,000 after buying an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Up 0.4%

NYSE:COP opened at $135.45 on Friday. The firm's fifty day moving average is $115.30 and its 200-day moving average is $117.66. The firm has a market cap of $162.72 billion, a P/E ratio of 17.92, a P/E/G ratio of 1.43 and a beta of 0.11. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.88.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. The firm had revenue of $19.52 billion during the quarter, compared to analysts' expectations of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The company's revenue for the quarter was up 32.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.42 earnings per share. Equities analysts expect that ConocoPhillips will post 10.46 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, August 17th. ConocoPhillips's dividend payout ratio is presently 44.44%.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips reported adjusted earnings of $3.24 per share, exceeding the $2.90 consensus estimate, while revenue reached $19.52 billion. The company also generated $7.2 billion in operating cash flow, doubled share repurchases and declared an $0.84 quarterly dividend, reinforcing confidence in cash generation and shareholder returns. ConocoPhillips Beats Earnings and Names New CEO
• Positive Sentiment: Higher crude prices have supported a broader energy-sector rally and improved the near-term earnings outlook for upstream producers such as COP. Analysts have also issued mostly favorable ratings, with a reported median price target of $146. ConocoPhillips Gains as Higher Oil Prices Add to Post-Earnings Momentum
• Positive Sentiment: Investors see additional upside if the company successfully executes its LNG strategy and Willow development. One analysis estimates COP could be approximately 6% below fair value under that growth scenario. ConocoPhillips Could Be 6% Below Fair Value If LNG and Willow Deliver
• Neutral Sentiment: Management is undergoing succession changes, including CEO Ryan Lance’s retirement and internal finance leadership appointments. The insider promotions provide continuity, but investors will monitor whether the new leadership maintains disciplined capital allocation. ConocoPhillips Gives Finance Chief Role to Insider
• Negative Sentiment: After its sharp advance, COP trades at a premium valuation, increasing sensitivity to oil prices and execution. Recent disclosures also show substantial insider selling, which could temper enthusiasm even though institutional and analyst activity remains broadly supportive. Is ConocoPhillips Stock a Buy as Growth Meets a Premium Valuation?

Analysts Set New Price Targets

Several research firms have recently weighed in on COP. Barclays reduced their price objective on ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. The Goldman Sachs Group lowered their target price on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. BMO Capital Markets decreased their price objective on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Truist Financial upped their price target on shares of ConocoPhillips from $115.00 to $130.00 and gave the company a "hold" rating in a report on Monday, August 10th. Finally, Mizuho reduced their price objective on shares of ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and an average price target of $139.21.

About ConocoPhillips

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.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source