Bank of Nova Scotia Sells 440,686 Shares of ConocoPhillips (NYSE:COP)

Key Points

• The Bank of Nova Scotia reduced its stake in ConocoPhillips by 48.4%, selling 440,686 shares and holding 468,998 shares valued at approximately $49.25 million after the sale.
• ConocoPhillips recently announced a quarterly dividend of $0.78 per share, resulting in a dividend yield of 3.4% and a payout ratio of 39.64%.
• Brokerage firms have mixed views on ConocoPhillips, with price targets ranging from $95.00 to $125.00, and the company received an average rating of "Moderate Buy" from analysts.

Bank of Nova Scotia lessened its position in ConocoPhillips (NYSE:COP - Free Report) by 48.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 468,998 shares of the energy producer's stock after selling 440,686 shares during the quarter. Bank of Nova Scotia's holdings in ConocoPhillips were worth $49,250,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Second Line Capital LLC raised its holdings in shares of ConocoPhillips by 2.2% during the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer's stock worth $495,000 after acquiring an additional 108 shares during the period. Meiji Yasuda Life Insurance Co raised its holdings in shares of ConocoPhillips by 1.6% during the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer's stock worth $703,000 after acquiring an additional 110 shares during the period. LRI Investments LLC raised its holdings in shares of ConocoPhillips by 3.6% during the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer's stock worth $316,000 after acquiring an additional 110 shares during the period. Deseret Mutual Benefit Administrators raised its holdings in shares of ConocoPhillips by 3.9% during the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer's stock worth $334,000 after acquiring an additional 118 shares during the period. Finally, Northeast Financial Consultants Inc raised its holdings in shares of ConocoPhillips by 2.9% during the fourth quarter. Northeast Financial Consultants Inc now owns 4,361 shares of the energy producer's stock worth $432,000 after acquiring an additional 122 shares during the period. Institutional investors own 82.36% of the company's stock.

Insider Activity at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of ConocoPhillips stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This represents a 57.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.24% of the company's stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $92.75 on Friday. The company has a market capitalization of $117.25 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 2.41 and a beta of 0.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. The company has a 50-day simple moving average of $91.97 and a 200 day simple moving average of $94.07. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping the consensus estimate of $2.05 by $0.04. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. During the same quarter in the previous year, the firm posted $2.05 EPS. On average, sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.4%. ConocoPhillips's payout ratio is presently 39.64%.

Analyst Ratings Changes

Several brokerages have issued reports on COP. UBS Group lifted their price target 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. Susquehanna lowered their price target on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Wells Fargo & Company reiterated an "overweight" rating and issued a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Mizuho lowered their price target 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. Finally, Scotiabank lifted their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $121.33.

ConocoPhillips 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.

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