The Manufacturers Life Insurance Company Cuts Position in ConocoPhillips (NYSE:COP)

The Manufacturers Life Insurance Company decreased its holdings in ConocoPhillips (NYSE:COP) by 7.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 2,313,110 shares of the energy producer’s stock after selling 176,404 shares during the period. The Manufacturers Life Insurance Company’s holdings in ConocoPhillips were worth $229,391,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Orrstown Financial Services Inc. raised its holdings in ConocoPhillips by 3.0% in the fourth quarter. Orrstown Financial Services Inc. now owns 3,342 shares of the energy producer’s stock valued at $331,000 after buying an additional 96 shares during the period. Principle Wealth Partners LLC grew its position in ConocoPhillips by 0.3% in the fourth quarter. Principle Wealth Partners LLC now owns 37,255 shares of the energy producer’s stock valued at $3,695,000 after acquiring an additional 100 shares in the last quarter. Arlington Trust Co LLC grew its position in ConocoPhillips by 1.2% in the fourth quarter. Arlington Trust Co LLC now owns 8,640 shares of the energy producer’s stock valued at $857,000 after acquiring an additional 102 shares in the last quarter. Courier Capital LLC grew its position in ConocoPhillips by 0.5% in the fourth quarter. Courier Capital LLC now owns 20,481 shares of the energy producer’s stock valued at $2,031,000 after acquiring an additional 103 shares in the last quarter. Finally, Gray Wealth Management Inc. grew its position in ConocoPhillips by 5.0% in the fourth quarter. Gray Wealth Management Inc. now owns 2,171 shares of the energy producer’s stock valued at $215,000 after acquiring an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $91.78 on Monday. The company’s 50 day moving average price is $94.56 and its two-hundred day moving average price is $100.52. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $130.44. The firm has a market cap of $116.03 billion, a PE ratio of 11.78, a PEG ratio of 0.79 and a beta of 0.83. 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 issued its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. Equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s dividend payout ratio (DPR) is currently 40.05%.

Analyst Upgrades and Downgrades

COP has been the subject of several recent research reports. Scotiabank lowered their price objective on shares of ConocoPhillips from $115.00 to $95.00 and set a “sector perform” rating for the company in a research report on Friday, April 11th. Susquehanna set a $136.00 price objective on shares of ConocoPhillips in a research report on Tuesday, April 22nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $116.00 price objective on shares of ConocoPhillips in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, TD Cowen assumed coverage on shares of ConocoPhillips in a report on Friday, January 17th. They set a “buy” rating and a $125.00 price objective for the company. Two 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.89.

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.