Maryland State Retirement & Pension System Has $5.52 Million Holdings in ConocoPhillips $COP

Maryland State Retirement & Pension System grew its holdings in ConocoPhillips (NYSE:COP) by 1.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,528 shares of the energy producer’s stock after purchasing an additional 1,013 shares during the period. Maryland State Retirement & Pension System’s holdings in ConocoPhillips were worth $5,522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in shares of ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after buying an additional 31,736,423 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after buying an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after buying an additional 2,080,625 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after buying an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of ConocoPhillips in the first quarter valued at $658,981,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on COP. Raymond James Financial decreased their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, September 8th. Melius began coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price for the company. Morgan Stanley restated an “overweight” rating and set a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Piper Sandler raised their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Finally, UBS Group raised their target price on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $117.23.

ConocoPhillips Trading Down 1.9%

Shares of ConocoPhillips stock opened at $91.94 on Friday. The firm has a 50-day moving average of $94.70 and a 200-day moving average of $92.69. The stock has a market cap of $114.83 billion, a PE ratio of 12.34, a PEG ratio of 2.49 and a beta of 0.62. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $115.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. The company had revenue of $14.94 billion during the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.98 earnings per share. As a group, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s payout ratio is presently 41.88%.

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.