Sumitomo Life Insurance Co. Has $1.45 Million Stock Holdings in ConocoPhillips (NYSE:COP)

Sumitomo Life Insurance Co. reduced its holdings in ConocoPhillips (NYSE:COP - Free Report) by 46.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,586 shares of the energy producer's stock after selling 12,624 shares during the quarter. Sumitomo Life Insurance Co.'s holdings in ConocoPhillips were worth $1,446,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp increased its position in shares of ConocoPhillips by 19.0% in the third quarter. State Street Corp now owns 66,928,793 shares of the energy producer's stock worth $7,046,263,000 after acquiring an additional 10,663,093 shares in the last quarter. Wellington Management Group LLP boosted its stake in ConocoPhillips by 20.2% in the 3rd quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer's stock worth $3,280,725,000 after purchasing an additional 5,240,016 shares during the period. Fisher Asset Management LLC grew its position in ConocoPhillips by 59.7% during the 3rd quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer's stock worth $1,311,369,000 after purchasing an additional 4,656,040 shares in the last quarter. Pacer Advisors Inc. grew its position in ConocoPhillips by 5,422.3% during the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer's stock worth $482,996,000 after purchasing an additional 4,504,653 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of ConocoPhillips by 401.5% in 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. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Truist Financial lifted their price target on ConocoPhillips from $138.00 to $139.00 and gave the company a "buy" rating in a report on Monday, January 13th. Wells Fargo & Company lowered their price target on shares of ConocoPhillips from $134.00 to $132.00 and set an "overweight" rating on the stock in a report on Tuesday, January 14th. Susquehanna increased their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a "positive" rating in a research report on Friday, November 1st. JPMorgan Chase & Co. raised ConocoPhillips from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. Finally, Evercore ISI restated an "outperform" rating and issued a $165.00 target price on shares of ConocoPhillips in a research note on Friday, December 6th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $135.89.

ConocoPhillips Trading Down 0.1 %

COP stock traded down $0.15 during midday trading on Thursday, reaching $101.41. The company's stock had a trading volume of 4,046,791 shares, compared to its average volume of 5,682,248. 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 has a 52 week low of $94.23 and a 52 week high of $135.18. The stock has a market cap of $116.71 billion, a PE ratio of 12.06, a price-to-earnings-growth ratio of 0.86 and a beta of 1.19. The business's 50-day simple moving average is $102.29 and its 200-day simple moving average is $106.86.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analysts' expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips's revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.16 EPS. As a group, sell-side analysts expect that ConocoPhillips will post 7.65 EPS for the current year.

Insiders Place Their Bets

In other news, Director Arjun N. Murti bought 2,500 shares of the company's stock in a transaction dated Friday, December 20th. The shares were bought at an average cost of $95.87 per share, with a total value of $239,675.00. Following the acquisition, the director now owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director R A. Walker acquired 10,400 shares of the business's stock in a transaction dated Tuesday, December 17th. The stock was acquired at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the completion of the transaction, the director now owns 38,000 shares of the company's stock, valued at approximately $3,716,400. The trade was a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.34% of the company's stock.

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.