CI Investments Inc. Acquires 169,864 Shares of ConocoPhillips $COP

CI Investments Inc. increased its stake in shares of ConocoPhillips (NYSE:COP) by 36.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 641,797 shares of the energy producer’s stock after buying an additional 169,864 shares during the period. CI Investments Inc.’s holdings in ConocoPhillips were worth $84,717,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. AXA S.A. lifted its position in shares of ConocoPhillips by 91.1% during the second quarter. AXA S.A. now owns 84,937 shares of the energy producer’s stock worth $7,622,000 after purchasing an additional 40,499 shares in the last quarter. Sei Investments Co. grew its stake in shares of ConocoPhillips by 6.1% during the second quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock valued at $70,397,000 after purchasing an additional 44,852 shares during the last quarter. BNP Paribas acquired a new stake in shares of ConocoPhillips in the second quarter valued at approximately $33,000. Osterweis Capital Management Inc. acquired a new stake in shares of ConocoPhillips in the second quarter valued at approximately $151,000. Finally, Main Street Financial Solutions LLC raised its position in ConocoPhillips by 53.5% in the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer’s stock worth $431,000 after purchasing an additional 1,675 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP stock opened at $117.40 on Wednesday. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.87. The stock has a market cap of $143.03 billion, a PE ratio of 19.93, a PEG ratio of 1.40 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The firm’s 50 day moving average price is $113.48 and its two-hundred day moving average price is $113.84.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, beating the consensus estimate of $1.72 by $0.17. The company had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.09 EPS. As a group, analysts forecast that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. ConocoPhillips’s payout ratio is 57.05%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Susquehanna upped their price objective on ConocoPhillips from $152.00 to $155.00 and gave the stock a “positive” rating in a report on Tuesday. Scotiabank lifted their target price on ConocoPhillips from $100.00 to $125.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada set a $130.00 target price on ConocoPhillips in a research report on Monday, June 22nd. Mizuho cut their price target on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Finally, Piper Sandler raised their price target on ConocoPhillips from $154.00 to $157.00 and gave the company an “overweight” rating in a report on Wednesday, April 8th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $134.16.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.