The Manufacturers Life Insurance Company Trims Stake in ConocoPhillips $COP

Key Points

• The Manufacturers Life Insurance Company reduced its ConocoPhillips stake by 1.7% in the second quarter, selling 31,652 shares and retaining 1.82 million shares worth approximately $188.8 million. Institutional investors collectively own 82.36% of COP.
• ConocoPhillips reported quarterly earnings of $3.24 per share, exceeding estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion. The stock was trading near its 12-month high at $137.08.
• The company paid a quarterly dividend of $0.84 per share, equivalent to a 2.5% annualized yield. Wall Street maintains a “Moderate Buy” consensus rating, with an average price target of $140.60.

The Manufacturers Life Insurance Company reduced its stake in ConocoPhillips (NYSE:COP - Free Report) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,816,143 shares of the energy producer's stock after selling 31,652 shares during the period. The Manufacturers Life Insurance Company owned 0.15% of ConocoPhillips worth $188,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of COP. AXA S.A. lifted its position in ConocoPhillips by 91.1% during the second quarter. AXA S.A. now owns 84,937 shares of the energy producer's stock valued at $7,622,000 after buying an additional 40,499 shares during the period. Sei Investments Co. grew its position in shares of ConocoPhillips by 6.1% in the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer's stock worth $70,397,000 after buying an additional 44,852 shares during the period. BNP Paribas purchased a new stake in shares of ConocoPhillips in the 2nd quarter worth about $33,000. Osterweis Capital Management Inc. bought a new position in shares of ConocoPhillips in the 2nd quarter worth about $151,000. Finally, Main Street Financial Solutions LLC increased its stake in shares of ConocoPhillips by 53.5% in the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer's stock worth $431,000 after acquiring an additional 1,675 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

COP stock opened at $137.08 on Friday. The stock's 50 day simple moving average is $122.69 and its 200 day simple moving average is $120.21. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $138.89. The stock has a market capitalization of $164.68 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.44 and a beta of 0.13.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The business had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. During the same quarter last year, the company earned $1.42 EPS. The company's quarterly revenue was up 32.4% compared to the same quarter last year. As a group, research analysts forecast that ConocoPhillips will post 10.54 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. ConocoPhillips's dividend payout ratio (DPR) is 44.44%.

Wall Street Analyst Weigh In

COP has been the topic of a number of recent research reports. Roth Capital upgraded shares of ConocoPhillips from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $124.00 to $130.00 in a report on Monday, June 22nd. Truist Financial lifted their target price on shares of ConocoPhillips from $115.00 to $130.00 and gave the company a "hold" rating in a report on Monday, August 10th. Stifel Nicolaus began coverage on ConocoPhillips in a research report on Thursday. They set a "hold" rating and a $148.00 price objective for the company. UBS Group boosted their target price on ConocoPhillips from $143.00 to $153.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, Barclays lowered their price target on ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $140.60.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.09% of the company's stock.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged primarily in finding, developing and producing crude oil, natural gas and natural gas liquids. The company sells its production to refiners, utilities, industrial customers and other energy market participants.

Its portfolio includes conventional and unconventional assets, with operations and development activities in the United States, including Alaska and the Lower 48, as well as Canada, Australia, Norway, Qatar and other international locations.

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