Maryland State Retirement & Pension System Decreases Stock Position in ConocoPhillips (NYSE:COP)

Maryland State Retirement & Pension System reduced its stake in ConocoPhillips (NYSE:COP) by 4.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,632 shares of the energy producer’s stock after selling 4,290 shares during the period. Maryland State Retirement & Pension System’s holdings in ConocoPhillips were worth $9,598,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Mechanics Bank Trust Department boosted its holdings in shares of ConocoPhillips by 10.7% in the second quarter. Mechanics Bank Trust Department now owns 14,780 shares of the energy producer’s stock worth $1,531,000 after acquiring an additional 1,432 shares during the period. Good Life Advisors LLC boosted its holdings in shares of ConocoPhillips by 11.1% in the second quarter. Good Life Advisors LLC now owns 9,794 shares of the energy producer’s stock worth $1,015,000 after acquiring an additional 981 shares during the period. Financial Management Professionals Inc. boosted its holdings in shares of ConocoPhillips by 5.4% in the second quarter. Financial Management Professionals Inc. now owns 5,455 shares of the energy producer’s stock worth $565,000 after acquiring an additional 280 shares during the period. Foster Group Inc. boosted its holdings in shares of ConocoPhillips by 2.1% in the second quarter. Foster Group Inc. now owns 20,042 shares of the energy producer’s stock worth $2,077,000 after acquiring an additional 415 shares during the period. Finally, Trust Co. of Toledo NA OH boosted its stake in ConocoPhillips by 4.4% during the second quarter. Trust Co. of Toledo NA OH now owns 8,924 shares of the energy producer’s stock valued at $925,000 after buying an additional 379 shares during the period. 80.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Down 0.7 %

COP opened at $123.57 on Friday. The company has a market cap of $147.97 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.78 and a beta of 1.30. The business’s 50-day moving average price is $116.22 and its 200-day moving average price is $107.24. The company has a current ratio of 1.41, a quick ratio of 1.28 and a debt-to-equity ratio of 0.33. ConocoPhillips has a 12 month low of $91.53 and a 12 month high of $138.49.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 3rd. The energy producer reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.10). ConocoPhillips had a net margin of 18.66% and a return on equity of 27.27%. The business had revenue of $12.88 billion for the quarter, compared to analysts’ expectations of $14.64 billion. During the same quarter in the prior year, the firm earned $3.91 EPS. On average, equities analysts expect that ConocoPhillips will post 8.74 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Thursday, September 28th will be issued a dividend of $0.51 per share. The ex-dividend date is Wednesday, September 27th. This represents a $2.04 dividend on an annualized basis and a yield of 1.65%. ConocoPhillips’s dividend payout ratio is presently 19.65%.

Wall Street Analyst Weigh In

COP has been the subject of several research analyst reports. UBS Group lifted their price objective on ConocoPhillips from $127.00 to $147.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. Truist Financial lifted their price objective on ConocoPhillips from $148.00 to $151.00 and gave the company a “buy” rating in a research note on Friday, August 4th. Wells Fargo & Company lifted their price objective on ConocoPhillips from $134.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of ConocoPhillips in a research note on Monday, August 14th. Finally, Mizuho lifted their price objective on ConocoPhillips from $127.00 to $135.00 and gave the company a “neutral” rating in a research note on Wednesday, August 16th. Five equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.42.

Insider Activity at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 569,400 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the transaction, the chief executive officer now owns 18,187 shares in the company, valued at approximately $2,221,360.18. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.37% of the stock is owned by company insiders.

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 and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.