State of Michigan Retirement System Acquires 32,037 Shares of ConocoPhillips (NYSE:COP)

State of Michigan Retirement System increased its holdings in shares of ConocoPhillips (NYSE:COP) by 9.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 386,328 shares of the energy producer’s stock after buying an additional 32,037 shares during the quarter. State of Michigan Retirement System’s holdings in ConocoPhillips were worth $38,312,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Farther Finance Advisors LLC boosted its stake in shares of ConocoPhillips by 19.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 12,153 shares of the energy producer’s stock valued at $1,279,000 after purchasing an additional 2,007 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in ConocoPhillips by 19.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 6,090 shares of the energy producer’s stock valued at $636,000 after purchasing an additional 980 shares during the last quarter. Princeton Global Asset Management LLC boosted its position in ConocoPhillips by 52.5% in the third quarter. Princeton Global Asset Management LLC now owns 1,383 shares of the energy producer’s stock valued at $146,000 after buying an additional 476 shares in the last quarter. Pure Financial Advisors LLC grew its stake in shares of ConocoPhillips by 65.7% during the third quarter. Pure Financial Advisors LLC now owns 5,548 shares of the energy producer’s stock worth $584,000 after buying an additional 2,200 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of ConocoPhillips by 2.0% during the third quarter. Janney Montgomery Scott LLC now owns 297,777 shares of the energy producer’s stock worth $31,350,000 after buying an additional 5,783 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wells Fargo & Company cut their price objective on ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. UBS Group reduced their price target on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. TD Cowen started coverage on shares of ConocoPhillips in a report on Friday, January 17th. They issued a “buy” rating and a $125.00 price objective for the company. Evercore ISI reissued an “outperform” rating and set a $165.00 target price on shares of ConocoPhillips in a report on Friday, December 6th. Finally, Truist Financial upped their price target on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research report on Monday, January 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.47.

Insider Buying and Selling at ConocoPhillips

In other news, Director Arjun N. Murti bought 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now directly owns 21,500 shares in the company, valued at approximately $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R A. Walker purchased 10,400 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were acquired at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the purchase, the director now directly owns 38,000 shares in the company, valued at $3,716,400. This represents a 37.68 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Down 6.7 %

Shares of ConocoPhillips stock opened at $92.52 on Tuesday. The stock’s 50-day moving average is $100.12 and its 200 day moving average is $104.90. ConocoPhillips has a one year low of $91.56 and a one year high of $135.18. The firm has a market cap of $117.72 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.79 and a beta of 1.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s payout ratio is 40.05%.

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.