BI Asset Management Fondsmaeglerselskab A S Boosts Stake in ConocoPhillips $COP

Key Points

• BI Asset Management increased its ConocoPhillips stake by 49.2% in the first quarter, buying 53,415 more shares and bringing its position to 161,954 shares worth about $21.4 million.
• Several other major institutional investors also added to their holdings, and hedge funds and other institutions now own 82.36% of ConocoPhillips shares.
• ConocoPhillips reported better-than-expected Q1 earnings of $1.89 per share and paid a $0.84 quarterly dividend; analysts currently rate the stock Moderate Buy with a consensus price target of $134.48.

BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 49.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 161,954 shares of the energy producer's stock after buying an additional 53,415 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in ConocoPhillips were worth $21,378,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, SVP Kelly Brunetti Rose sold 7,700 shares of the business's stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $130.03, for a total transaction of $1,001,231.00. Following the completion of the sale, the senior vice president directly owned 25,284 shares of the company's stock, valued at $3,287,678.52. The trade was a 23.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Michael Lance sold 113,221 shares of the company's stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total value of $15,025,558.91. Following the sale, the chief executive officer owned 350,000 shares of the company's stock, valued at approximately $46,448,500. The trade was a 24.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 127,915 shares of company stock valued at $16,915,448. Insiders own 0.09% of the company's stock.

ConocoPhillips Stock Up 0.2%

COP opened at $107.92 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14. The stock has a market capitalization of $131.48 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 1.19 and a beta of 0.11. The business has a 50-day moving average of $118.65 and a two-hundred day moving average of $111.25. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data 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 company's revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.09 EPS. On average, research analysts expect that ConocoPhillips will post 10.03 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 annualized dividend and a yield of 3.1%. ConocoPhillips's dividend payout ratio is 57.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of ConocoPhillips from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Piper Sandler boosted their price objective on shares of ConocoPhillips from $154.00 to $157.00 and gave the company an "overweight" rating in a research report on Wednesday, April 8th. Freedom Capital downgraded shares of ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 6th. Sanford C. Bernstein raised their target price on shares of ConocoPhillips from $98.00 to $121.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. Finally, Scotiabank lifted their target price on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Seventeen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $134.48.

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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