Mitsubishi UFJ Asset Management Co. Ltd. Purchases 256,497 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in ConocoPhillips by 12.6%, owning approximately 2.29 million shares valued at around $240.75 million.
• Institutional investors control 82.36% of ConocoPhillips' stock, indicating substantial institutional interest in the company.
• Recent analyst reports show mixed price target adjustments for ConocoPhillips, with targets ranging from $115.00 to $123.00, while maintaining an average rating of "Moderate Buy."

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,292,461 shares of the energy producer's stock after purchasing an additional 256,497 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of ConocoPhillips worth $240,754,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. 10Elms LLP purchased a new stake in shares of ConocoPhillips in the fourth quarter worth about $28,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips in the first quarter worth about $35,000. IMA Advisory Services Inc. purchased a new stake in shares of ConocoPhillips in the first quarter worth about $37,000. Fourth Dimension Wealth LLC purchased a new stake in shares of ConocoPhillips in the fourth quarter worth about $39,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the first quarter worth about $42,000. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Price Performance

NYSE COP traded up $1.31 on Friday, reaching $93.91. 8,764,610 shares of the company's stock traded hands, compared to its average volume of 6,026,880. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.13. The stock has a 50-day simple moving average of $92.77 and a 200 day simple moving average of $93.73. The stock has a market cap of $118.72 billion, a PE ratio of 12.61, a P/E/G ratio of 2.41 and a beta of 0.67.

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, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same period last year, the business earned $1.98 earnings per share. The business's quarterly revenue was up 4.3% on a year-over-year basis. As a group, research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be issued a $0.78 dividend. The ex-dividend date is Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips's dividend payout ratio (DPR) is currently 39.64%.

Insider Activity

In other news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The shares were purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade 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 this hyperlink. Corporate insiders own 0.24% of the company's stock.

Analyst Upgrades and Downgrades

COP has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. UBS Group increased their price target on shares of ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Barclays lowered their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a report on Wednesday, April 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. Finally, Bank of America decreased their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $120.63.

ConocoPhillips 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.