ConocoPhillips $COP Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in ConocoPhillips by 6.4%, selling 11,452 shares and ending up with 168,299 shares valued at $15.1 million.
• ConocoPhillips reported $1.42 earnings per share (EPS) for the last quarter, surpassing analyst estimates of $1.36, with a revenue of $14.94 billion.
• The company recently declared a quarterly dividend of $0.78 per share, reflecting a 3.3% dividend yield, with a payout ratio of 41.88%.

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its position in ConocoPhillips (NYSE:COP - Free Report) by 6.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,299 shares of the energy producer's stock after selling 11,452 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in ConocoPhillips were worth $15,103,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in COP. 10Elms LLP purchased a new stake in shares of ConocoPhillips in the 4th quarter worth $28,000. Financial Network Wealth Advisors LLC lifted its holdings in shares of ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after buying an additional 222 shares during the period. Stone House Investment Management LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter worth $31,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter worth $35,000. Finally, IMA Advisory Services Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter worth $37,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

COP has been the subject of several research reports. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Citigroup decreased their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Piper Sandler upped their price objective on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Royal Bank Of Canada decreased their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research note on Friday, July 11th. Finally, UBS Group upped their price objective on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $120.14.

ConocoPhillips Stock Up 0.2%

ConocoPhillips stock traded up $0.19 during midday trading on Monday, reaching $92.11. The company's stock had a trading volume of 5,797,888 shares, compared to its average volume of 6,350,395. The stock's 50-day simple moving average is $94.55 and its 200-day simple moving average is $92.98. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The stock has a market capitalization of $115.04 billion, a P/E ratio of 12.36, a PEG ratio of 2.42 and a beta of 0.69.

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

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a dividend of $0.78 per share. 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 3.4%. ConocoPhillips's payout ratio is 41.88%.

About ConocoPhillips

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.