CI Investments Inc. Has $84.72 Million Position in ConocoPhillips $COP

Key Points

• CI Investments Inc. increased its stake in ConocoPhillips by 36% in the first quarter, buying an additional 169,864 shares. The fund now holds 641,797 shares valued at about $84.7 million.
• ConocoPhillips reported better-than-expected Q1 earnings, with EPS of $1.89 versus estimates of $1.72 and revenue of $15.76 billion, though revenue was down 6.1% year over year.
• The company also paid a quarterly dividend of $0.84 per share, equal to an annualized yield of 2.9%. Analysts currently rate the stock a Moderate Buy with an average target price of $134.16.

CI Investments Inc. grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 36.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 641,797 shares of the energy producer's stock after buying an additional 169,864 shares during the quarter. CI Investments Inc. owned 0.05% of ConocoPhillips worth $84,717,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of ConocoPhillips during the 4th quarter valued at about $25,000. Strive Asset Management LLC acquired a new position in ConocoPhillips in the third quarter worth about $28,000. Frazier Financial Advisors LLC raised its position in ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after purchasing an additional 145 shares in the last quarter. BNP Paribas bought a new position in ConocoPhillips during the second quarter worth about $33,000. Finally, Optima Capital LLC bought a new position in ConocoPhillips during the fourth quarter worth about $34,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $117.40 on Wednesday. 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 stock has a market capitalization of $143.03 billion, a price-to-earnings ratio of 19.93, a P/E/G ratio of 1.40 and a beta of 0.12. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The firm's 50-day moving average price is $113.48 and its two-hundred day moving average price is $113.84.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion during the quarter, compared to analysts' expectations of $15.62 billion. During the same quarter in the previous year, the company posted $2.09 earnings per share. ConocoPhillips's quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities analysts predict that ConocoPhillips will post 9.2 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued 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 of this dividend was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is currently 57.05%.

Analysts Set New Price Targets

A number of research firms have weighed in on COP. Freedom Capital downgraded ConocoPhillips from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 6th. Argus increased their target price on ConocoPhillips from $128.00 to $136.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Roth Capital upgraded ConocoPhillips from a "neutral" rating to a "buy" rating and raised their target price for the stock from $124.00 to $130.00 in a research report on Monday, June 22nd. Citigroup boosted their price target on ConocoPhillips from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of ConocoPhillips in a research report on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ConocoPhillips has a consensus rating of "Moderate Buy" and an average target price of $134.16.

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.

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