Dai ichi Life Insurance Company Ltd Cuts Position in ConocoPhillips (NYSE:COP)

Dai ichi Life Insurance Company Ltd lowered its stake in shares of ConocoPhillips (NYSE:COP) by 12.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,070 shares of the energy producer’s stock after selling 15,348 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in ConocoPhillips were worth $10,956,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in shares of ConocoPhillips by 59.7% in the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock valued at $1,311,369,000 after buying an additional 4,656,040 shares in the last quarter. Legal & General Group Plc grew its stake in ConocoPhillips by 4.6% in the 2nd quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock valued at $1,132,430,000 after acquiring an additional 438,241 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ConocoPhillips by 2.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,096,450 shares of the energy producer’s stock valued at $747,114,000 after acquiring an additional 153,944 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in ConocoPhillips by 19.3% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,811,289 shares of the energy producer’s stock worth $717,093,000 after acquiring an additional 1,101,685 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of ConocoPhillips by 5,422.3% in the third quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after purchasing an additional 4,504,653 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 5.1 %

NYSE COP opened at $106.03 on Tuesday. The company has a market capitalization of $122.03 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 0.91 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The company’s fifty day moving average price is $108.92 and its two-hundred day moving average price is $111.11.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same period in the previous year, the company earned $2.16 earnings per share. ConocoPhillips’s quarterly revenue was down 8.5% on a year-over-year basis. As a group, research analysts predict that ConocoPhillips will post 7.78 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is currently 37.10%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Susquehanna raised their price target on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. restated a “neutral” rating and issued a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Truist Financial cut their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Barclays boosted their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Finally, Mizuho raised their price objective on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.63.

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.