iA Global Asset Management Inc. Reduces Stock Position in ConocoPhillips (NYSE:COP)

iA Global Asset Management Inc. cut its stake in ConocoPhillips (NYSE:COP) by 15.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,583 shares of the energy producer’s stock after selling 3,752 shares during the period. iA Global Asset Management Inc.’s holdings in ConocoPhillips were worth $2,041,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Wilkins Investment Counsel Inc. increased its holdings in ConocoPhillips by 4.5% in the fourth quarter. Wilkins Investment Counsel Inc. now owns 23,601 shares of the energy producer’s stock valued at $2,341,000 after buying an additional 1,011 shares in the last quarter. Royal London Asset Management Ltd. increased its stake in shares of ConocoPhillips by 10.5% during the 4th quarter. Royal London Asset Management Ltd. now owns 651,703 shares of the energy producer’s stock worth $64,629,000 after purchasing an additional 62,016 shares in the last quarter. First Financial Bankshares Inc increased its stake in shares of ConocoPhillips by 1.3% during the 4th quarter. First Financial Bankshares Inc now owns 557,149 shares of the energy producer’s stock worth $55,252,000 after purchasing an additional 7,104 shares in the last quarter. Generali Investments Management Co LLC purchased a new position in shares of ConocoPhillips during the 4th quarter worth approximately $2,447,000. Finally, GM Advisory Group LLC increased its stake in shares of ConocoPhillips by 21.1% during the 4th quarter. GM Advisory Group LLC now owns 2,508 shares of the energy producer’s stock worth $249,000 after purchasing an additional 437 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 0.3 %

Shares of COP opened at $102.05 on Friday. The firm has a market cap of $129.84 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 0.79 and a beta of 1.12. The company’s fifty day moving average is $99.21 and its two-hundred day moving average is $103.45. ConocoPhillips has a fifty-two week low of $86.81 and a fifty-two week high of $135.18. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. Analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.06%. ConocoPhillips’s payout ratio is 40.05%.

Analyst Ratings Changes

COP has been the subject of a number of recent research reports. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a research note on Thursday, January 30th. Piper Sandler dropped their price objective on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wells Fargo & Company dropped their price objective on shares of ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating for the company in a research note on Monday, February 10th. TD Cowen assumed coverage on shares of ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 target price for the company. Finally, Truist Financial lifted their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $133.05.

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, 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.