The Manufacturers Life Insurance Company Trims Stock Holdings in ConocoPhillips $COP

Key Points

• The Manufacturers Life Insurance Company reduced its stake in ConocoPhillips by 5.3%, selling 122,949 shares to hold 2,190,161 shares valued at approximately $230 million.
• Elevation Point Wealth Partners LLC and Schwartz Investment Counsel Inc. made significant increases in their positions in ConocoPhillips, with increases of 83.0% and 159.6%, respectively.
• ConocoPhillips announced a quarterly dividend of $0.78 per share, reflecting a 3.2% annual yield and a payout ratio of 41.88%.

The Manufacturers Life Insurance Company lowered its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,190,161 shares of the energy producer's stock after selling 122,949 shares during the period. The Manufacturers Life Insurance Company owned about 0.17% of ConocoPhillips worth $230,011,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of COP. 10Elms LLP purchased a new position in shares of ConocoPhillips in the fourth quarter worth about $28,000. Financial Network Wealth Advisors LLC increased its holdings in ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after purchasing an additional 222 shares during the period. Stone House Investment Management LLC purchased a new position in ConocoPhillips during the 1st quarter valued at about $31,000. Garde Capital Inc. purchased a new position in ConocoPhillips during the 1st quarter valued at about $35,000. Finally, IMA Advisory Services Inc. purchased a new position in ConocoPhillips during the 1st quarter valued at about $37,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Up 0.0%

Shares of NYSE:COP traded up $0.05 during trading on Tuesday, reaching $99.02. The company's stock had a trading volume of 5,190,125 shares, compared to its average volume of 8,000,366. 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 has a 12 month low of $79.88 and a 12 month high of $116.08. The firm's 50 day simple moving average is $94.30 and its two-hundred day simple moving average is $93.17. The stock has a market capitalization of $123.66 billion, a PE ratio of 13.29, a price-to-earnings-growth ratio of 2.60 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter last year, the firm earned $1.98 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson acquired 5,300 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.24% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on COP. Scotiabank upped their target price on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Mizuho decreased their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Morgan Stanley reiterated an "overweight" rating and set a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Susquehanna reduced their price objective on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $120.95.

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.