VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Shares in ConocoPhillips $COP

Key Points

• Virginia Retirement Systems acquired a new stake in ConocoPhillips, buying 44,700 shares valued at approximately $4 million during the 2nd quarter.
• ConocoPhillips' most recent earnings report showed an EPS of $1.42, surpassing estimates, with revenue increasing by 4.3% compared to the previous year.
• Recent analyst reports present a mixed view on the stock, with target price changes and ratings from firms like Evercore ISI and Royal Bank Of Canada, resulting in an average rating of "Moderate Buy."

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of ConocoPhillips (NYSE:COP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 44,700 shares of the energy producer's stock, valued at approximately $4,011,000.

Other hedge funds also recently modified their holdings of the company. Activest Wealth Management boosted its holdings in shares of ConocoPhillips by 249.5% during the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer's stock valued at $29,000 after acquiring an additional 232 shares in the last quarter. Financial Network Wealth Advisors LLC boosted its holdings in shares of 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 acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at $31,000. Garde Capital Inc. acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at $35,000. Finally, IMA Advisory Services Inc. acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at $37,000. Institutional investors and hedge funds own 82.36% of the company's stock.

Analyst Upgrades and Downgrades

COP has been the topic of several recent research reports. Evercore ISI cut their target price on ConocoPhillips from $115.00 to $111.00 and set an "outperform" rating on the stock in a report on Monday, October 6th. Susquehanna cut their target price on ConocoPhillips to $113.00 and set a "positive" rating on the stock in a report on Monday. Royal Bank Of Canada lifted their target price on ConocoPhillips from $113.00 to $118.00 and gave the stock an "outperform" rating in a report on Monday, October 13th. Morgan Stanley cut their target price on ConocoPhillips from $123.00 to $122.00 and set an "overweight" rating on the stock in a report on Tuesday, October 14th. Finally, Wall Street Zen downgraded ConocoPhillips from a "hold" rating to a "sell" rating in a report on Saturday. Eighteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $115.63.

ConocoPhillips Stock Up 0.6%

Shares of NYSE:COP opened at $87.01 on Tuesday. The company has a market capitalization of $108.67 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 2.29 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The business's 50-day moving average is $93.91 and its 200-day moving average is $91.92. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $115.38.

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

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's payout ratio is presently 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.

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