The landscape of institutional investment in ConocoPhillips (NYSE:COP) has recently experienced notable shifts, signaling dynamic movements among major financial players in the energy sector.
A significant transaction saw Mitsubishi UFJ Trust & Banking Corp reduce its holdings in ConocoPhillips. According to its latest Form 13F filing with the Securities & Exchange Commission, the firm trimmed its position by 11.4% during the first quarter, divesting 87,217 shares. This adjustment left Mitsubishi UFJ Trust & Banking Corp with a substantial 677,992 shares, valued at approximately $71.2 million at the time of its SEC filing.
Conversely, other prominent institutional investors demonstrated increased confidence in ConocoPhillips. Price T Rowe Associates Inc. MD significantly boosted its stake by 13.8% in the fourth quarter, accumulating an impressive 45,847,572 shares, now valued at over $4.5 billion. Similarly, Elevation Point Wealth Partners LLC dramatically increased its holdings by 83.0% during the first quarter, adding 8,189 shares to reach a total of 18,060 shares, worth $1.897 million.
Further reinforcing the trend of increased institutional interest, Schwartz Investment Counsel Inc. surged its stake by 159.6% in the first quarter, acquiring 30,000 additional shares to own 48,800 shares valued at $5.125 million. ORG Wealth Partners LLC showed an even more aggressive expansion, lifting its stake by an remarkable 853.3%, securing 6,616 shares. Hennessy Advisors Inc. also expanded its position by 151.1%, acquiring 54,900 shares, bringing their total to 91,224 shares worth $9.58 million, highlighting a broad-based reevaluation of the energy producer’s stock.
These institutional movements collectively account for a significant portion of ConocoPhillips’s ownership, with 82.36% of the stock currently held by institutional investors and hedge funds. Adding to the internal confidence, an EVP recently acquired 5,300 shares, increasing their direct ownership to 14,527 shares, a transaction valued at nearly $500,000. Corporate insiders now collectively own 0.24% of the company’s stock.
In related financial news, ConocoPhillips recently declared a quarterly dividend of $0.78 per share, which translates to an annualized dividend of $3.12, offering a yield of 3.4%. Shareholders of record on May 19th were eligible for this payout, distributed on June 2nd, reinforcing the company’s commitment to returning value to its shareholders with a payout ratio currently at 39.64%.
Market analysts have also weighed in, providing a range of perspectives on ConocoPhillips’s future performance. UBS Group increased its price target from $111.00 to $115.00, maintaining a “buy” rating. Morgan Stanley reaffirmed an “overweight” rating with a $119.00 price target, while Scotiabank adjusted its price objective from $95.00 to $100.00, assigning a “sector perform” rating, indicating a generally positive outlook from leading financial institutions.
Further bullish sentiment was echoed by Piper Sandler, who reaffirmed an “overweight” rating and raised their price objective to $123.00 from $113.00. Raymond James Financial also elevated their price target from $109.00 to $117.00, issuing an “outperform” rating. Collectively, two equities research analysts have rated ConocoPhillips stock with a “hold,” while fifteen have issued a “buy” rating, leading to a consensus rating of “Moderate Buy” and an average target price of $121.33, underscoring strong analyst confidence in the energy giant.
