ConocoPhillips $COP Stock Position Reduced by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its ConocoPhillips stake by 4.3% in the first quarter, selling 82,179 shares and retaining 1.85 million shares valued at approximately $243.9 million. Institutional investors collectively own 82.36% of the company.
• Analysts maintain a generally positive view of ConocoPhillips, with an overall “Moderate Buy” rating and a consensus price target of $134.16, compared with the stock’s reported price of $115.54.
• ConocoPhillips exceeded quarterly earnings expectations, reporting $1.89 in EPS versus the $1.72 consensus estimate, though revenue declined 6.1% year over year. The company also paid a quarterly dividend of $0.84 per share, representing a 2.9% annualized yield.

The Manufacturers Life Insurance Company lessened its stake in ConocoPhillips (NYSE:COP - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,847,795 shares of the energy producer's stock after selling 82,179 shares during the quarter. The Manufacturers Life Insurance Company owned 0.15% of ConocoPhillips worth $243,910,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital International Investors raised its holdings in shares of ConocoPhillips by 5.9% during the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock worth $4,527,230,000 after acquiring an additional 2,714,663 shares in the last quarter. AQR Capital Management LLC grew its stake in ConocoPhillips by 229.2% in the fourth quarter. AQR Capital Management LLC now owns 3,595,177 shares of the energy producer's stock valued at $336,544,000 after purchasing an additional 2,503,156 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position 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 worth $3,880,151,000 after purchasing an additional 2,350,645 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of ConocoPhillips by 46,105.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,310,281 shares of the energy producer's stock worth $304,957,000 after purchasing an additional 2,305,281 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of ConocoPhillips by 3,775.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,893,340 shares of the energy producer's stock worth $249,921,000 after purchasing an additional 1,844,490 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on COP. Jefferies Financial Group raised their price objective on shares of ConocoPhillips from $160.00 to $161.00 and gave the company a "buy" rating in a research report on Monday, May 18th. BMO Capital Markets cut their price target on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a research report on Monday, June 22nd. Scotiabank boosted their price target on ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Wolfe Research upped their price target on ConocoPhillips from $138.00 to $144.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $134.16.

ConocoPhillips Price Performance

NYSE COP opened at $115.54 on Tuesday. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.87. The company has a fifty day simple moving average of $113.32 and a 200 day simple moving average of $114.46. 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 company has a market cap of $140.76 billion, a P/E ratio of 19.62, a P/E/G ratio of 1.45 and a beta of 0.12.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. During the same quarter last year, the firm posted $2.09 EPS. The business's quarterly revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts predict that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's payout ratio is currently 57.05%.

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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