State of Michigan Retirement System Cuts Position in ConocoPhillips (NYSE:COP)

State of Michigan Retirement System reduced its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 381,328 shares of the energy producer's stock after selling 5,000 shares during the quarter. State of Michigan Retirement System's holdings in ConocoPhillips were worth $40,047,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of COP. Price T Rowe Associates Inc. MD boosted its position in shares of ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares during the period. Elevation Point Wealth Partners LLC lifted its stake in ConocoPhillips by 83.0% in the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after buying an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its holdings in shares of ConocoPhillips by 159.6% in the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock valued at $5,125,000 after acquiring an additional 30,000 shares during the period. Hennessy Advisors Inc. grew its position in shares of ConocoPhillips by 151.1% during the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after acquiring an additional 54,900 shares during the last quarter. Finally, ORG Wealth Partners LLC grew its position in shares of ConocoPhillips by 853.3% during the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after acquiring an additional 5,922 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares of the company's stock, valued at $1,369,024.48. This represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.24% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on COP shares. Morgan Stanley increased their target price on shares of ConocoPhillips from $116.00 to $118.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $109.00 price objective (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Royal Bank Of Canada lowered their target price on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research note on Friday. Wells Fargo & Company reissued an "overweight" rating and issued a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Finally, Barclays cut their price target on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $122.15.

ConocoPhillips Price Performance

Shares of NYSE COP traded up $0.29 during midday trading on Friday, hitting $95.66. The company had a trading volume of 4,903,410 shares, compared to its average volume of 7,648,450. The firm has a market capitalization of $120.93 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 2.57 and a beta of 0.61. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $118.40. The business has a 50-day simple moving average of $90.50 and a two-hundred day simple moving average of $94.78. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping the consensus estimate of $2.05 by $0.04. The business had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter in the previous year, the company earned $2.05 EPS. Equities research analysts anticipate 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 was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.26%. ConocoPhillips's payout ratio is 39.64%.

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.