Resona Asset Management Co. Ltd. Has $42.55 Million Position in ConocoPhillips (NYSE:COP)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in ConocoPhillips by 7.2%, bringing their total position to $42.55 million, holding 406,697 shares following the purchase of an additional 27,423 shares.
• Analyst ratings on ConocoPhillips are largely positive; the stock has a consensus rating of "Moderate Buy" with a target price of $120.84, while several analysts have reported varying price targets.
• ConocoPhillips declared a quarterly dividend of $0.78 per share with a dividend yield of 3.3%, set to be paid on September 2nd to shareholders of record as of August 18th.

Resona Asset Management Co. Ltd. increased its position in ConocoPhillips (NYSE:COP - Free Report) by 7.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 406,697 shares of the energy producer's stock after buying an additional 27,423 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in ConocoPhillips were worth $42,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. 10Elms LLP acquired a new stake in ConocoPhillips during the 4th quarter valued at approximately $28,000. Stone House Investment Management LLC acquired a new stake in ConocoPhillips during the 1st quarter valued at approximately $31,000. Garde Capital Inc. acquired a new stake in ConocoPhillips during the 1st quarter valued at approximately $35,000. IMA Advisory Services Inc. acquired a new stake in ConocoPhillips during the 1st quarter valued at approximately $37,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in ConocoPhillips during the 4th quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Susquehanna decreased their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. UBS Group increased their target price on shares of ConocoPhillips from $111.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and set a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday. Bank of America reduced their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, Roth Capital reaffirmed a "buy" rating and set a $108.00 price objective on shares of ConocoPhillips in a research report on Thursday. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.84.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson acquired 5,300 shares of the company's stock in a transaction on Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.24% of the company's stock.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $93.56 on Tuesday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The stock's fifty day simple moving average is $92.91 and its two-hundred day simple moving average is $93.53. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The stock has a market cap of $116.85 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 2.44 and a beta of 0.67.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%. 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 EPS. The business's revenue was up 4.3% on a year-over-year basis. As a group, analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

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

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