TD Asset Management Inc Sells 14,531 Shares of ConocoPhillips (NYSE:COP)

by · The Cerbat Gem

TD Asset Management Inc lessened its holdings in shares of ConocoPhillips (NYSE:COP – Free Report) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 577,788 shares of the energy producer’s stock after selling 14,531 shares during the period. TD Asset Management Inc’s holdings in ConocoPhillips were worth $60,679,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of COP. Second Line Capital LLC grew its position in ConocoPhillips by 2.2% during the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer’s stock valued at $495,000 after acquiring an additional 108 shares during the period. Meiji Yasuda Life Insurance Co grew its position in ConocoPhillips by 1.6% during the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer’s stock valued at $703,000 after acquiring an additional 110 shares during the period. LRI Investments LLC grew its position in ConocoPhillips by 3.6% during the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer’s stock valued at $316,000 after acquiring an additional 110 shares during the period. Deseret Mutual Benefit Administrators lifted its stake in shares of ConocoPhillips by 3.9% during the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer’s stock worth $334,000 after purchasing an additional 118 shares in the last quarter. Finally, Unison Advisors LLC lifted its stake in shares of ConocoPhillips by 0.7% during the fourth quarter. Unison Advisors LLC now owns 17,145 shares of the energy producer’s stock worth $1,700,000 after purchasing an additional 120 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on COP. Raymond James Financial boosted their price objective on ConocoPhillips from $109.00 to $117.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 22nd. Piper Sandler restated an “overweight” rating and set a $123.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Barclays reduced their price objective on ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Citigroup cut their price target on ConocoPhillips from $140.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, June 11th. Finally, Royal Bank Of Canada cut their price target on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, July 11th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $121.33.

Read Our Latest Research Report on ConocoPhillips

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson bought 5,300 shares of the stock in a transaction dated Monday, June 16th. The stock was 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 owned 14,527 shares of the company’s stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

ConocoPhillips Stock Down 0.7%

Shares of ConocoPhillips stock opened at $94.96 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The firm has a market cap of $120.04 billion, a P/E ratio of 12.07, a P/E/G ratio of 2.47 and a beta of 0.61. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The business has a 50-day moving average price of $91.14 and a 200 day moving average price of $94.29.

ConocoPhillips (NYSE:COP – Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.04. The firm had revenue of $16.18 billion during the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same period in the previous year, the company earned $2.05 earnings per share. On average, sell-side analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips’s dividend payout ratio is currently 39.64%.

ConocoPhillips Company Profile

(Free Report)

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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