OVERSEA CHINESE BANKING Corp Ltd Buys 7,865 Shares of ConocoPhillips (NYSE:COP)

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of ConocoPhillips (NYSE:COP) by 10.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 85,462 shares of the energy producer’s stock after buying an additional 7,865 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ConocoPhillips were worth $8,466,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of COP. Albion Financial Group UT lifted its position in ConocoPhillips by 876.9% during the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after acquiring an additional 228 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in ConocoPhillips during the 4th quarter worth approximately $27,000. Truvestments Capital LLC bought a new stake in ConocoPhillips in the 3rd quarter valued at $31,000. Global Wealth Strategies & Associates grew its holdings in ConocoPhillips by 80.5% in the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after buying an additional 153 shares in the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new position in ConocoPhillips during the 3rd quarter worth $35,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of recent research reports. Wells Fargo & Company lowered their price target on shares of ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. Piper Sandler dropped their price target on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $132.00 to $134.00 in a research note on Monday, December 16th. Barclays lowered their price objective on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. Finally, JPMorgan Chase & Co. cut their target price on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Two investment 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $133.05.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Arjun N. Murti purchased 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was purchased at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the transaction, the director now owns 21,500 shares in the company, valued at $2,061,205. The trade was a 13.16 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.34% of the stock is owned by company insiders.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $100.51 on Wednesday. ConocoPhillips has a one year low of $86.81 and a one year high of $135.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The company has a market cap of $127.88 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.79 and a beta of 1.12. The firm has a 50 day simple moving average of $99.19 and a 200 day simple moving average of $103.56.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data 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 return on equity of 17.26% and a net margin of 16.23%. Research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s dividend payout ratio (DPR) is currently 40.05%.

About ConocoPhillips

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.