Bank of Nova Scotia Raises Stock Position in ConocoPhillips (NYSE:COP)

Bank of Nova Scotia raised its position in ConocoPhillips (NYSE:COP - Free Report) by 201.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 909,684 shares of the energy producer's stock after acquiring an additional 607,475 shares during the quarter. Bank of Nova Scotia owned approximately 0.08% of ConocoPhillips worth $90,224,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of ConocoPhillips by 11.7% in the fourth quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer's stock worth $12,081,491,000 after buying an additional 12,751,120 shares during the period. Invesco Ltd. raised its stake in ConocoPhillips by 37.1% during the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock worth $1,544,101,000 after acquiring an additional 4,211,939 shares during the period. Assenagon Asset Management S.A. lifted its holdings in ConocoPhillips by 401.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,423,611 shares of the energy producer's stock valued at $438,690,000 after purchasing an additional 3,541,504 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of ConocoPhillips by 13.7% in the fourth quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock worth $2,792,521,000 after purchasing an additional 3,397,360 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of ConocoPhillips in the fourth quarter worth $232,859,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on COP. Piper Sandler lowered their target price on shares of ConocoPhillips from $135.00 to $114.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Barclays decreased their target price on ConocoPhillips from $137.00 to $135.00 and set an "overweight" rating on the stock in a research note on Monday, February 10th. TD Cowen began coverage on ConocoPhillips in a research note on Friday, January 17th. They issued a "buy" rating and a $125.00 price target for the company. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a research report on Thursday, January 30th. Finally, Truist Financial upped their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $130.79.

ConocoPhillips Trading Up 3.7 %

COP stock traded up $3.07 during mid-day trading on Friday, reaching $86.36. 9,231,132 shares of the stock traded hands, compared to its average volume of 7,058,038. ConocoPhillips has a one year low of $79.88 and a one year high of $135.18. The stock has a market capitalization of $109.17 billion, a PE ratio of 11.09, a PEG ratio of 0.79 and a beta of 0.83. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. The business has a 50-day moving average price of $96.51 and a two-hundred day moving average price of $102.04.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. Equities research analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips's dividend payout ratio (DPR) is presently 40.05%.

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.