ConocoPhillips (NYSE:COP) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in ConocoPhillips (NYSE:COP) by 0.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,932,640 shares of the energy producer’s stock after purchasing an additional 2,239 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in ConocoPhillips were worth $308,748,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Values First Advisors Inc. acquired a new position in shares of ConocoPhillips in the 3rd quarter valued at $26,000. Stephens Consulting LLC increased its position in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 104 shares during the last quarter. Reston Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the 3rd quarter valued at approximately $31,000. Y.D. More Investments Ltd acquired a new position in shares of ConocoPhillips in the 2nd quarter worth approximately $35,000. Finally, Fairway Wealth LLC boosted its position in shares of ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after purchasing an additional 153 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $112.08 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The company has a market cap of $128.99 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 0.91 and a beta of 1.21. The stock has a 50 day simple moving average of $107.69 and a 200-day simple moving average of $112.04.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter last year, the firm posted $2.16 EPS. The business’s revenue was down 8.5% compared to the same quarter last year. On average, equities analysts forecast that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.78%. ConocoPhillips’s payout ratio is currently 37.10%.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of research reports. Mizuho raised their price target on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Susquehanna raised their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. Barclays raised their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Finally, Truist Financial lowered their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.47.

ConocoPhillips Company 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.