Toronto Dominion Bank Lowers Stock Position in ConocoPhillips (NYSE:COP)

Toronto Dominion Bank decreased its stake in ConocoPhillips (NYSE:COP) by 13.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 619,714 shares of the energy producer’s stock after selling 96,000 shares during the period. Toronto Dominion Bank’s holdings in ConocoPhillips were worth $70,883,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Cardinal Capital Management Inc. bought a new position in ConocoPhillips in the fourth quarter valued at $13,468,000. Harbor Investment Advisory LLC raised its holdings in shares of ConocoPhillips by 2.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after buying an additional 212 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of ConocoPhillips by 5.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after buying an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in ConocoPhillips in the 2nd quarter worth approximately $30,021,000. Finally, EP Wealth Advisors LLC boosted its stake in ConocoPhillips by 19.1% in the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after buying an additional 4,578 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

COP has been the subject of a number of recent research reports. UBS Group lowered their price objective on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Bank of America restated a “buy” rating and set a $147.00 price target on shares of ConocoPhillips in a research report on Friday, June 14th. Raymond James reiterated a “strong-buy” rating and issued a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Truist Financial dropped their target price on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Susquehanna decreased their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $142.29.

ConocoPhillips Trading Down 0.7 %

Shares of COP opened at $108.95 on Wednesday. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average price is $109.54 and its 200-day moving average price is $116.55. The firm has a market capitalization of $126.52 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.86 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. The firm had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.84 EPS. Sell-side analysts anticipate that ConocoPhillips will post 8.14 EPS for the current year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 26.27%.

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.