Mirae Asset Global Investments Co. Ltd. Decreases Position in ConocoPhillips $COP

Mirae Asset Global Investments Co. Ltd. decreased its position in ConocoPhillips (NYSE:COP) by 1.6% during the third quarter, Holdings Channel.com reports. The fund owned 1,191,033 shares of the energy producer’s stock after selling 19,827 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in ConocoPhillips were worth $112,660,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of COP. Federated Hermes Inc. lifted its holdings in ConocoPhillips by 43.5% in the third quarter. Federated Hermes Inc. now owns 226,246 shares of the energy producer’s stock worth $21,401,000 after buying an additional 68,581 shares during the period. EPG Wealth Management LLC boosted its position in shares of ConocoPhillips by 6.0% during the third quarter. EPG Wealth Management LLC now owns 14,099 shares of the energy producer’s stock valued at $1,334,000 after purchasing an additional 804 shares in the last quarter. Master S Wealth Management Inc. grew its stake in ConocoPhillips by 4.2% in the third quarter. Master S Wealth Management Inc. now owns 3,447 shares of the energy producer’s stock worth $326,000 after purchasing an additional 140 shares during the period. Pines Wealth Management LLC raised its holdings in ConocoPhillips by 2.6% in the third quarter. Pines Wealth Management LLC now owns 8,347 shares of the energy producer’s stock worth $790,000 after purchasing an additional 215 shares in the last quarter. Finally, Phoenix Financial Ltd. lifted its position in ConocoPhillips by 43.8% during the third quarter. Phoenix Financial Ltd. now owns 18,757 shares of the energy producer’s stock valued at $1,775,000 after buying an additional 5,717 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Up 1.1%

Shares of NYSE COP opened at $100.94 on Wednesday. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $106.20. The stock has a 50 day moving average price of $93.79 and a 200 day moving average price of $93.05. The firm has a market capitalization of $124.73 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 3.12 and a beta of 0.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.78 earnings per share. Sell-side analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $3.36 annualized dividend and a yield of 3.3%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio is currently 47.52%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on COP. Mizuho lifted their price target on shares of ConocoPhillips from $120.00 to $121.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Wolfe Research boosted their target price on shares of ConocoPhillips from $122.00 to $123.00 and gave the company an “outperform” rating in a research note on Monday. Raymond James Financial increased their target price on ConocoPhillips from $98.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, January 22nd. Evercore ISI reduced their price target on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research report on Monday, October 6th. Finally, Barclays dropped their price objective on shares of ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Sixteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $110.96.

Insider Activity

In other ConocoPhillips news, Director William H. Mcraven purchased 5,768 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the purchase, the director owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ryan Michael Lance sold 500,708 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $92.50, for a total transaction of $46,315,490.00. Following the completion of the transaction, the chief executive officer directly owned 325,972 shares of the company’s stock, valued at approximately $30,152,410. This represents a 60.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.