State of Michigan Retirement System Reduces Position in ConocoPhillips $COP

by · The Markets Daily

State of Michigan Retirement System lessened its holdings in shares of ConocoPhillips (NYSE:COP – Free Report) by 10.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 343,228 shares of the energy producer’s stock after selling 38,100 shares during the period. State of Michigan Retirement System’s holdings in ConocoPhillips were worth $30,801,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in ConocoPhillips by 379.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Nuveen LLC acquired a new position in ConocoPhillips in the 1st quarter valued at about $658,981,000. AQR Capital Management LLC boosted its holdings in ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in ConocoPhillips by 53.8% in the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock valued at $550,334,000 after purchasing an additional 1,834,118 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $88.99 on Friday. The firm’s 50 day moving average price is $92.66 and its 200-day moving average price is $92.03. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. The firm has a market cap of $111.14 billion, a P/E ratio of 11.94, a P/E/G ratio of 2.36 and a beta of 0.62.

ConocoPhillips (NYSE:COP – Get Free Report) last announced its earnings results 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. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same period in the prior year, the firm earned $1.98 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio is presently 41.88%.

Analysts Set New Price Targets

Several research firms have weighed in on COP. Royal Bank Of Canada boosted their target price on shares of ConocoPhillips from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Monday, October 13th. Morgan Stanley decreased their target price on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating on the stock in a report on Tuesday, October 14th. Wolfe Research decreased their target price on shares of ConocoPhillips from $137.00 to $130.00 and set an “outperform” rating on the stock in a report on Monday, October 20th. Piper Sandler decreased their price objective on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Monday, October 13th. Finally, Evercore ISI decreased their price objective on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a report on Monday, October 6th. Eighteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.63.

Check Out Our Latest Analysis on COP

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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