379,274 Shares in ConocoPhillips (NYSE:COP) Purchased by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new position in shares of ConocoPhillips (NYSE:COP) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 379,274 shares of the energy producer’s stock, valued at approximately $37,494,000.

Other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its holdings in ConocoPhillips by 9.9% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 29,896 shares of the energy producer’s stock worth $3,147,000 after acquiring an additional 2,692 shares in the last quarter. IHT Wealth Management LLC grew its stake in ConocoPhillips by 36.4% in the third quarter. IHT Wealth Management LLC now owns 9,276 shares of the energy producer’s stock worth $985,000 after purchasing an additional 2,473 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in ConocoPhillips by 1.2% in the third quarter. Royal London Asset Management Ltd. now owns 589,687 shares of the energy producer’s stock valued at $62,082,000 after buying an additional 6,951 shares during the last quarter. Quantinno Capital Management LP raised its stake in ConocoPhillips by 31.3% during the third quarter. Quantinno Capital Management LP now owns 101,990 shares of the energy producer’s stock valued at $10,738,000 after buying an additional 24,287 shares in the last quarter. Finally, SYM FINANCIAL Corp lifted its holdings in ConocoPhillips by 9.5% during the 3rd quarter. SYM FINANCIAL Corp now owns 2,074 shares of the energy producer’s stock worth $218,000 after buying an additional 180 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Stock Performance

COP opened at $86.18 on Friday. The business has a 50 day moving average price of $98.53 and a two-hundred day moving average price of $103.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The company has a market capitalization of $108.95 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 0.79 and a beta of 0.83. ConocoPhillips has a 1-year low of $85.55 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Research analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.62%. ConocoPhillips’s payout ratio is currently 40.05%.

Analysts Set New Price Targets

COP has been the topic of several research reports. Raymond James lowered ConocoPhillips from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $157.00 to $124.00 in a research report on Monday, February 10th. Morgan Stanley reduced their price target on shares of ConocoPhillips from $131.00 to $126.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. UBS Group lowered their price objective on shares of ConocoPhillips from $140.00 to $137.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Wells Fargo & Company cut their target price on shares of ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Finally, Truist Financial upped their target price on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.95.

ConocoPhillips Company Profile

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.