Public Sector Pension Investment Board Trims Stock Holdings in ConocoPhillips (NYSE:COP)

Public Sector Pension Investment Board cut its stake in shares of ConocoPhillips (NYSE:COP) by 0.4% in the third quarter, HoldingsChannel reports. The fund owned 202,672 shares of the energy producer’s stock after selling 809 shares during the period. Public Sector Pension Investment Board’s holdings in ConocoPhillips were worth $21,337,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of ConocoPhillips by 4.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 554,708 shares of the energy producer’s stock worth $58,400,000 after purchasing an additional 26,106 shares during the period. Providence Capital Advisors LLC raised its position in shares of ConocoPhillips by 9.1% during the third quarter. Providence Capital Advisors LLC now owns 52,600 shares of the energy producer’s stock valued at $5,538,000 after buying an additional 4,400 shares during the last quarter. First Commonwealth Financial Corp PA lifted its holdings in shares of ConocoPhillips by 18.3% in the third quarter. First Commonwealth Financial Corp PA now owns 2,841 shares of the energy producer’s stock worth $299,000 after buying an additional 439 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in shares of ConocoPhillips during the third quarter worth $35,000. Finally, CreativeOne Wealth LLC grew its stake in ConocoPhillips by 20.6% during the third quarter. CreativeOne Wealth LLC now owns 9,906 shares of the energy producer’s stock valued at $1,043,000 after acquiring an additional 1,690 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group decreased their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Truist Financial decreased their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $126.00 price target (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Finally, BMO Capital Markets increased their price target on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.63.

ConocoPhillips Trading Up 0.6 %

Shares of NYSE:COP opened at $107.42 on Thursday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $123.63 billion, a PE ratio of 12.77, a P/E/G ratio of 0.87 and a beta of 1.21. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The business’s fifty day simple moving average is $108.86 and its 200-day simple moving average is $110.98.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping 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 period in the previous year, the company posted $2.16 earnings per share. The firm’s revenue was down 8.5% on a year-over-year basis. As a group, equities research analysts predict that ConocoPhillips will post 7.76 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 2.90%. ConocoPhillips’s dividend payout ratio is presently 37.10%.

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.