Robertson Stephens Wealth Management LLC Decreases Stake in ConocoPhillips (NYSE:COP)

Robertson Stephens Wealth Management LLC reduced its stake in ConocoPhillips (NYSE:COP) by 15.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,601 shares of the energy producer’s stock after selling 665 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in ConocoPhillips were worth $244,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in COP. Altfest L J & Co. Inc. grew its position in shares of ConocoPhillips by 26.5% in the 3rd quarter. Altfest L J & Co. Inc. now owns 20,155 shares of the energy producer’s stock worth $1,366,000 after buying an additional 4,224 shares during the last quarter. Eagle Asset Management Inc. grew its position in shares of ConocoPhillips by 2.5% in the 2nd quarter. Eagle Asset Management Inc. now owns 66,520 shares of the energy producer’s stock worth $4,051,000 after buying an additional 1,619 shares during the last quarter. Commerce Bank grew its position in shares of ConocoPhillips by 17.2% in the 3rd quarter. Commerce Bank now owns 119,366 shares of the energy producer’s stock worth $8,090,000 after buying an additional 17,534 shares during the last quarter. Easterly Investment Partners LLC grew its position in shares of ConocoPhillips by 680.7% in the 3rd quarter. Easterly Investment Partners LLC now owns 31,227 shares of the energy producer’s stock worth $2,116,000 after buying an additional 27,227 shares during the last quarter. Finally, JustInvest LLC grew its position in shares of ConocoPhillips by 120.5% in the 2nd quarter. JustInvest LLC now owns 27,593 shares of the energy producer’s stock worth $1,680,000 after buying an additional 15,082 shares during the last quarter. 78.94% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Ellen Desanctis sold 28,171 shares of the firm’s stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $73.26, for a total value of $2,063,807.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jody Freeman sold 3,420 shares of the firm’s stock in a transaction on Wednesday, December 29th. The stock was sold at an average price of $72.84, for a total value of $249,112.80. The disclosure for this sale can be found here. Insiders have sold a total of 145,889 shares of company stock worth $10,680,170 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

Shares of NYSE COP opened at $83.62 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.83 and a current ratio of 1.93. The business’s 50 day moving average price is $73.60 and its 200-day moving average price is $66.09. ConocoPhillips has a fifty-two week low of $39.70 and a fifty-two week high of $84.86. The company has a market cap of $110.29 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 0.66 and a beta of 1.61.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Tuesday, November 2nd. The energy producer reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.24. ConocoPhillips had a return on equity of 11.87% and a net margin of 12.18%. The firm had revenue of $11.62 billion for the quarter, compared to the consensus estimate of $11.34 billion. During the same period in the prior year, the business posted ($0.31) earnings per share. Sell-side analysts predict that ConocoPhillips will post 5.89 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Shareholders of record on Monday, January 3rd will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, December 31st. This represents a $0.80 annualized dividend and a yield of 0.96%. ConocoPhillips’s payout ratio is currently 58.04%.

COP has been the topic of several research reports. Zacks Investment Research lowered ConocoPhillips from a “strong-buy” rating to a “hold” rating and set a $73.00 price target on the stock. in a research report on Tuesday, December 21st. Scotiabank reissued a “sector perform” rating and issued a $90.00 target price on shares of ConocoPhillips in a report on Thursday. Argus boosted their target price on ConocoPhillips from $66.00 to $89.00 and gave the stock a “buy” rating in a report on Monday, November 8th. Truist boosted their target price on ConocoPhillips from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Finally, Raymond James boosted their price target on ConocoPhillips from $90.00 to $100.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 26th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Buy” and a consensus price target of $82.30.

ConocoPhillips Company Profile

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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