Taikang Asset Management Hong Kong Co Ltd Acquires Shares of 76,939 ConocoPhillips $COP

Key Points

• Taikang Asset Management has acquired a new position in ConocoPhillips, purchasing 76,939 shares valued at approximately $8.08 million, making it the 22nd largest holding in their portfolio.
• ConocoPhillips has recently seen significant changes in institutional ownership, with Charles Schwab Investment Management increasing its stake by over 379% in the first quarter.
• The company announced a quarterly dividend of $0.78 per share, expected to yield an annualized dividend of 3.2% for shareholders.

Taikang Asset Management Hong Kong Co Ltd acquired a new stake in ConocoPhillips (NYSE:COP - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 76,939 shares of the energy producer's stock, valued at approximately $8,080,000. ConocoPhillips makes up about 1.1% of Taikang Asset Management Hong Kong Co Ltd's portfolio, making the stock its 22nd biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. 10Elms LLP bought a new stake in ConocoPhillips in the 4th quarter valued at $28,000. Financial Network Wealth Advisors LLC lifted its position in ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC bought a new stake in ConocoPhillips in the 1st quarter valued at $31,000. Garde Capital Inc. bought a new stake in ConocoPhillips in the 1st quarter valued at $35,000. Finally, IMA Advisory Services Inc. bought a new stake in ConocoPhillips in the 1st quarter valued at $37,000. 82.36% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average price 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. This represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on COP shares. Piper Sandler lifted their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Wall Street Zen lowered shares of ConocoPhillips from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. 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 research note on Wednesday, June 11th. Susquehanna lowered their price target on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Finally, Melius started coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price target on the stock. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $120.95.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock traded up $0.61 during trading on Friday, hitting $99.06. 4,548,831 shares of the stock were exchanged, compared to its average volume of 8,007,451. The stock has a market capitalization of $123.72 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 2.56 and a beta of 0.67. The company has a fifty day moving average price of $94.07 and a 200-day moving average price of $93.24. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 EPS. As a group, equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a $0.78 dividend. The ex-dividend date is Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.1%. ConocoPhillips's dividend payout ratio 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.