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

CIBC Asset Management Inc boosted its holdings in ConocoPhillips (NYSE:COP - Free Report) by 4.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 262,152 shares of the energy producer's stock after buying an additional 12,024 shares during the period. CIBC Asset Management Inc's holdings in ConocoPhillips were worth $27,599,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips during the 3rd quarter valued at $26,000. Stephens Consulting LLC increased its position in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer's stock valued at $29,000 after buying an additional 104 shares during the period. Reston Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the third quarter worth about $31,000. Y.D. More Investments Ltd purchased a new position in ConocoPhillips during the second quarter valued at approximately $35,000. Finally, Fairway Wealth LLC increased its holdings in ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer's stock worth $36,000 after acquiring an additional 153 shares during the period. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Down 0.5 %

Shares of COP traded down $0.60 during mid-day trading on Friday, hitting $112.32. 4,124,037 shares of the company's stock traded hands, compared to its average volume of 5,882,573. The business's 50-day moving average price is $108.01 and its 200-day moving average price is $111.78. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The firm has a market capitalization of $129.27 billion, a P/E ratio of 13.36, a PEG ratio of 0.91 and a beta of 1.21. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company's revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.16 EPS. As a group, sell-side analysts forecast that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from ConocoPhillips's previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.78%. ConocoPhillips's dividend payout ratio (DPR) is 37.10%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on COP shares. Wells Fargo & Company restated a "sector perform" rating on shares of ConocoPhillips in a research report on Friday, October 18th. Barclays upped their target price on ConocoPhillips from $135.00 to $137.00 and gave the stock an "overweight" rating in a research note on Friday, November 1st. UBS Group dropped their price target on ConocoPhillips from $153.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, September 18th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an "outperform" rating in a research note on Friday, October 4th. Finally, Truist Financial cut their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $137.63.

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.