iA Global Asset Management Inc. Reduces Holdings in ConocoPhillips (NYSE:COP)

Key Points

• iA Global Asset Management Inc. significantly reduced its stake in ConocoPhillips by 68.2%, owning only 6,538 shares valued at $687,000 at the end of the first quarter.
• ConocoPhillips reported better-than-expected earnings of $1.42 per share for the last quarter, exceeding the consensus estimate by $0.06, with quarterly revenue hitting $14.94 billion.
• The company declared a quarterly dividend of $0.78 per share, which represents a 3.4% dividend yield based on the current share price.

iA Global Asset Management Inc. decreased its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 68.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 6,538 shares of the energy producer's stock after selling 14,045 shares during the period. iA Global Asset Management Inc.'s holdings in ConocoPhillips were worth $687,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Second Line Capital LLC lifted its holdings in shares of ConocoPhillips by 2.2% during the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer's stock worth $495,000 after purchasing an additional 108 shares during the period. Meiji Yasuda Life Insurance Co lifted its holdings in shares of ConocoPhillips by 1.6% during the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer's stock worth $703,000 after purchasing an additional 110 shares during the period. LRI Investments LLC lifted its holdings in shares of ConocoPhillips by 3.6% during the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer's stock worth $316,000 after purchasing an additional 110 shares during the period. Deseret Mutual Benefit Administrators lifted its holdings in shares of ConocoPhillips by 3.9% during the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer's stock worth $334,000 after purchasing an additional 118 shares during the period. Finally, Northeast Financial Consultants Inc lifted its holdings in shares of ConocoPhillips by 2.9% during the fourth quarter. Northeast Financial Consultants Inc now owns 4,361 shares of the energy producer's stock worth $432,000 after purchasing an additional 122 shares during the period. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Down 0.6%

Shares of COP opened at $92.56 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The stock has a market capitalization of $117.01 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 2.42 and a beta of 0.67. The stock has a 50 day moving average price of $92.59 and a 200 day moving average price of $93.80.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The firm had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. During the same period in the previous year, the business earned $1.98 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. Equities research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.4%. ConocoPhillips's payout ratio is 39.64%.

Analyst Ratings Changes

COP has been the subject of a number of analyst reports. Scotiabank boosted their price target on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Bank of America decreased their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Morgan Stanley reissued an "overweight" rating and issued a $119.00 price target on shares of ConocoPhillips in a report on Tuesday, July 15th. Citigroup decreased their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Finally, Raymond James Financial upped their target price on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.63.

Insider Activity at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction on Monday, June 16th. The stock was bought at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company's stock.

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.

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