Resona Asset Management Co. Ltd. Buys 5,359 Shares of ConocoPhillips $COP

Resona Asset Management Co. Ltd. raised its stake in shares of ConocoPhillips (NYSE:COP) by 1.4% during the 1st quarter, HoldingsChannel reports. The firm owned 383,118 shares of the energy producer’s stock after purchasing an additional 5,359 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in ConocoPhillips were worth $50,634,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on COP. Barclays lifted their price objective on ConocoPhillips from $136.00 to $155.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Jefferies Financial Group raised their target price on ConocoPhillips from $160.00 to $161.00 and gave the company a “buy” rating in a report on Monday, May 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConocoPhillips in a research report on Wednesday, June 3rd. Morgan Stanley cut their price target on ConocoPhillips from $153.00 to $146.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Finally, Truist Financial reduced their price objective on ConocoPhillips from $128.00 to $115.00 and set a “hold” rating for the company in a research report on Wednesday. Eighteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.04.

ConocoPhillips Stock Up 2.0%

Shares of COP opened at $110.58 on Thursday. The company has a 50-day simple moving average of $114.85 and a 200-day simple moving average of $112.57. The firm has a market capitalization of $134.71 billion, a P/E ratio of 18.77, a P/E/G ratio of 1.26 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. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The business had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. During the same period last year, the business earned $2.09 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, equities research analysts expect that ConocoPhillips will post 9.57 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were given a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. ConocoPhillips’s dividend payout ratio (DPR) is currently 57.05%.

Key Headlines Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Crude oil prices surged after escalating Middle East conflict and shipping disruptions, lifting sentiment on COP because higher oil prices can translate into stronger upstream earnings and cash flow. Why ConocoPhillips Stock Is Rising Wednesday
• Positive Sentiment: ConocoPhillips was highlighted as trading below fair value in a valuation-focused article, suggesting some investors still see upside if oil prices remain elevated. Is ConocoPhillips (COP) Still Below Fair Value After Oil Prices Jumped?
• Positive Sentiment: Evercore ISI reportedly maintained a buy rating on COP, reinforcing a constructive analyst view despite recent volatility. Conocophillips (COP) Receives a Buy from Evercore ISI
• Neutral Sentiment: Truist lowered its price target to $115 from $128 and kept a hold rating, which is a modest headwind but still implies limited upside from current levels. Benzinga analyst update
• Neutral Sentiment: Recent index-related buying and broad energy-stock enthusiasm have also helped support the shares, but these factors are secondary to the oil-price move. How Investors May Respond To ConocoPhillips (COP) Shelf Moves Amid Index Shift And Oil Shock

ConocoPhillips 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.