Oppenheimer & Co. Inc. nearly doubled its position in ConocoPhillips. The firm now holds 83,879 shares, adding to a broader trend of institutional buying. The increased investment signals confidence in the company, which recently reported quarterly earnings per share of $3.24, above estimates.
ConocoPhillips is also reducing its Canadian workforce for the second consecutive year. The company says the restructuring is intended to align its operations with its long-term strategy. The repeated cuts have prompted questions about its growth plans and employee relations in the region, presenting investors with a mixed picture.