Bank of Nova Scotia Lowers Stock Holdings in ConocoPhillips $COP

Key Points

• Bank of Nova Scotia cut its ConocoPhillips stake by 64.3% in the first quarter, selling 365,114 shares and leaving it with 203,107 shares worth about $26.8 million.
• ConocoPhillips posted better-than-expected Q1 earnings, reporting $1.89 EPS versus the $1.72 consensus estimate and revenue of $15.76 billion, though revenue fell 6.1% year over year.
• The company paid a quarterly dividend of $0.84 per share, or $3.36 annually, for a dividend yield of about 2.8%. Analyst sentiment remains broadly positive, with a consensus rating of Moderate Buy and an average price target of $134.16.

Bank of Nova Scotia lowered its stake in ConocoPhillips (NYSE:COP - Free Report) by 64.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 203,107 shares of the energy producer's stock after selling 365,114 shares during the period. Bank of Nova Scotia's holdings in ConocoPhillips were worth $26,810,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COP. Vanguard Group Inc. grew its position in ConocoPhillips by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer's stock valued at $11,256,713,000 after purchasing an additional 408,304 shares during the last quarter. Capital International Investors raised its holdings in ConocoPhillips by 5.9% in the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock worth $4,527,230,000 after buying an additional 2,714,663 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in ConocoPhillips by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer's stock worth $3,880,151,000 after buying an additional 2,350,645 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of ConocoPhillips by 4.5% in the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer's stock worth $1,407,770,000 after buying an additional 648,432 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of ConocoPhillips by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer's stock worth $1,389,862,000 after buying an additional 193,401 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

COP opened at $120.30 on Friday. The company's 50 day moving average is $113.50 and its 200 day moving average is $114.23. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The company has a market cap of $146.56 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.45 and a beta of 0.12. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly 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 the consensus estimate of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company's quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $2.09 earnings per share. On average, equities research analysts predict that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is currently 57.05%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Barclays increased their target price on ConocoPhillips from $136.00 to $155.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Wolfe Research lifted their target price on ConocoPhillips from $138.00 to $144.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Freedom Capital cut ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 6th. Finally, The Goldman Sachs Group lowered their price target on ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $134.16.

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.

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