CIBC Asset Management Inc Raises Position in ConocoPhillips (NYSE:COP)

CIBC Asset Management Inc raised its holdings in ConocoPhillips (NYSE:COP - Free Report) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 288,879 shares of the energy producer's stock after buying an additional 26,727 shares during the period. CIBC Asset Management Inc's holdings in ConocoPhillips were worth $28,648,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. AMF Tjanstepension AB increased its stake in ConocoPhillips by 4.7% in the 3rd quarter. AMF Tjanstepension AB now owns 1,163,724 shares of the energy producer's stock valued at $122,628,000 after buying an additional 52,334 shares during the last quarter. Creative Planning increased its stake in ConocoPhillips by 1.7% in the 3rd quarter. Creative Planning now owns 248,439 shares of the energy producer's stock valued at $26,156,000 after buying an additional 4,214 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in ConocoPhillips by 2.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 389,958 shares of the energy producer's stock valued at $41,055,000 after buying an additional 10,588 shares during the last quarter. Cedrus LLC purchased a new stake in ConocoPhillips in the 3rd quarter valued at about $208,000. Finally, Vest Financial LLC increased its stake in ConocoPhillips by 244.2% in the 3rd quarter. Vest Financial LLC now owns 8,830 shares of the energy producer's stock valued at $930,000 after buying an additional 6,265 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

NYSE:COP traded down $4.10 during trading hours on Friday, hitting $97.90. The stock had a trading volume of 8,561,843 shares, compared to its average volume of 6,781,136. The company has a 50 day simple moving average of $100.11 and a two-hundred day simple moving average of $105.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. ConocoPhillips has a one year low of $94.23 and a one year high of $135.18. The firm has a market capitalization of $124.57 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.78 and a beta of 1.18.

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

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 17th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Friday, February 14th. ConocoPhillips's payout ratio is 40.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Raymond James lowered shares of ConocoPhillips from a "strong-buy" rating to an "outperform" rating and decreased their price objective for the company from $157.00 to $124.00 in a research note on Monday, February 10th. Piper Sandler decreased their price objective on shares of ConocoPhillips from $135.00 to $114.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Barclays decreased their price target on shares of ConocoPhillips from $137.00 to $135.00 and set an "overweight" rating for the company in a research note on Monday, February 10th. Evercore ISI restated an "outperform" rating and set a $165.00 price target on shares of ConocoPhillips in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $120.00 to $123.00 in a research note on Thursday, December 5th. 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $133.56.

Insider Buying and Selling at ConocoPhillips

In related news, Director R A. Walker acquired 10,400 shares of the stock in a transaction dated Tuesday, December 17th. The shares were purchased at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the transaction, the director now owns 38,000 shares in the company, valued at $3,716,400. This represents a 37.68 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Arjun N. Murti acquired 2,500 shares of the stock in a transaction dated Friday, December 20th. The shares were bought at an average price of $95.87 per share, for a total transaction of $239,675.00. Following the transaction, the director now owns 21,500 shares in the company, valued at approximately $2,061,205. This represents a 13.16 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.34% of the company's stock.

ConocoPhillips 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.