Sumitomo Mitsui Trust Group Inc. Lowers Stock Position in ConocoPhillips $COP

Key Points

• Sumitomo Mitsui Trust Group reduced its ConocoPhillips position by 5.7% in the first quarter, selling 159,282 shares and leaving it with 2.65 million shares worth about $349.9 million.
• ConocoPhillips reported better-than-expected first-quarter earnings of $1.89 per share on revenue of $15.76 billion, while also paying a quarterly dividend of $0.84 per share for a 3.0% annualized yield.
• Analysts remain mostly constructive on the stock, with a Moderate Buy consensus and an average price target of $134.04, though some firms have recently trimmed targets or downgraded ratings.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in ConocoPhillips (NYSE:COP - Free Report) by 5.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,650,661 shares of the energy producer's stock after selling 159,282 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.22% of ConocoPhillips worth $349,887,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of COP. Resona Asset Management Co. Ltd. boosted its stake in ConocoPhillips by 1.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 383,118 shares of the energy producer's stock worth $50,634,000 after purchasing an additional 5,359 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in ConocoPhillips in the first quarter valued at $186,000. Your Advocates Ltd. LLP increased its stake in ConocoPhillips by 14.3% in the first quarter. Your Advocates Ltd. LLP now owns 19,923 shares of the energy producer's stock valued at $2,630,000 after purchasing an additional 2,488 shares during the period. CFS Investment Advisory Services LLC raised its holdings in shares of ConocoPhillips by 25.4% in the first quarter. CFS Investment Advisory Services LLC now owns 8,769 shares of the energy producer's stock valued at $1,158,000 after buying an additional 1,775 shares during the last quarter. Finally, W Advisors LLC boosted its stake in shares of ConocoPhillips by 4.9% during the first quarter. W Advisors LLC now owns 2,981 shares of the energy producer's stock worth $393,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Up 2.0%

ConocoPhillips stock opened at $110.58 on Thursday. The stock's 50 day moving average price is $114.85 and its 200 day moving average price is $112.57. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The company has a market cap of $134.71 billion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 1.26 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm had revenue of $15.76 billion during the quarter, compared to analysts' expectations of $15.62 billion. During the same quarter in the prior year, the business posted $2.09 earnings per share. ConocoPhillips's revenue was down 6.1% compared to the same quarter last year. On average, sell-side analysts predict that ConocoPhillips will post 9.57 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is currently 57.05%.

ConocoPhillips News Summary

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Crude oil prices surged after escalating Middle East conflict and shipping disruptions, lifting sentiment on COP because higher oil prices can translate into stronger upstream earnings and cash flow. Why ConocoPhillips Stock Is Rising Wednesday
• Positive Sentiment: ConocoPhillips was highlighted as trading below fair value in a valuation-focused article, suggesting some investors still see upside if oil prices remain elevated. Is ConocoPhillips (COP) Still Below Fair Value After Oil Prices Jumped?
• Positive Sentiment: Evercore ISI reportedly maintained a buy rating on COP, reinforcing a constructive analyst view despite recent volatility. Conocophillips (COP) Receives a Buy from Evercore ISI
• Neutral Sentiment: Truist lowered its price target to $115 from $128 and kept a hold rating, which is a modest headwind but still implies limited upside from current levels. Benzinga analyst update
• Neutral Sentiment: Recent index-related buying and broad energy-stock enthusiasm have also helped support the shares, but these factors are secondary to the oil-price move. How Investors May Respond To ConocoPhillips (COP) Shelf Moves Amid Index Shift And Oil Shock

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on COP shares. Susquehanna boosted their price target on ConocoPhillips from $149.00 to $152.00 in a research report on Friday, May 1st. Zacks Research cut ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Barclays lifted their target price on ConocoPhillips from $136.00 to $155.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Raymond James Financial cut their price target on ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a research note on Monday, June 1st. Finally, Royal Bank Of Canada set a $130.00 price target on ConocoPhillips in a report on Monday, June 22nd. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus target price of $134.04.

ConocoPhillips Company Profile

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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