Cidel Asset Management Inc. Purchases 3,431 Shares of ConocoPhillips $COP

Key Points

• Cidel Asset Management Inc. increased its stake in ConocoPhillips by 2.2%, acquiring 3,431 additional shares, bringing its total holdings to 156,247 shares valued at approximately $14 million.
• Multiple institutional investors are actively adjusting their positions in ConocoPhillips, with a significant 82.36% of the company’s stock held by institutional investors.
• Analysts have recently lowered price targets for ConocoPhillips, with the consensus rating now reflecting a "Moderate Buy" and a price target around $115.00.

Cidel Asset Management Inc. lifted its position in ConocoPhillips (NYSE:COP - Free Report) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 156,247 shares of the energy producer's stock after acquiring an additional 3,431 shares during the period. Cidel Asset Management Inc.'s holdings in ConocoPhillips were worth $14,022,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Tritonpoint Wealth LLC raised its position in shares of ConocoPhillips by 1.3% in the 2nd quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer's stock worth $747,000 after acquiring an additional 110 shares in the last quarter. Iowa State Bank raised its position in shares of ConocoPhillips by 0.5% in the 2nd quarter. Iowa State Bank now owns 22,193 shares of the energy producer's stock worth $1,992,000 after acquiring an additional 110 shares in the last quarter. First National Bank Sioux Falls raised its position in shares of ConocoPhillips by 4.6% in the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer's stock worth $231,000 after acquiring an additional 113 shares in the last quarter. KLCM Advisors Inc. raised its position in shares of ConocoPhillips by 2.6% in the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer's stock worth $473,000 after acquiring an additional 115 shares in the last quarter. Finally, Fairvoy Private Wealth LLC raised its position in shares of ConocoPhillips by 3.5% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer's stock worth $314,000 after acquiring an additional 117 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

COP has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on ConocoPhillips from $123.00 to $122.00 and set an "overweight" rating for the company in a research report on Tuesday, October 14th. Jefferies Financial Group reduced their price objective on ConocoPhillips from $129.00 to $120.00 and set a "buy" rating for the company in a research report on Monday, October 13th. Barclays reduced their price objective on ConocoPhillips from $122.00 to $118.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Piper Sandler reduced their price objective on ConocoPhillips from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, October 13th. Finally, Wall Street Zen lowered ConocoPhillips from a "hold" rating to a "sell" rating in a research report on Saturday. Seventeen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.00.

ConocoPhillips Stock Down 0.4%

ConocoPhillips stock opened at $86.53 on Friday. The firm has a market cap of $108.07 billion, a price-to-earnings ratio of 11.61, a PEG ratio of 2.32 and a beta of 0.62. The stock has a fifty day simple moving average of $94.04 and a two-hundred day simple moving average of $91.93. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.98 EPS. Equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.6%. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

ConocoPhillips Company 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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