Financial Partners Group LLC cut its holdings in ConocoPhillips (NYSE:COP – Free Report) by 39.4% during the fourth quarter, HoldingsChannel reports. The firm owned 2,537 shares of the energy producer’s stock after selling 1,650 shares during the period. Financial Partners Group LLC’s holdings in ConocoPhillips were worth $252,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Marshall Wace LLP acquired a new position in shares of ConocoPhillips in the second quarter valued at approximately $33,128,000. AlTi Global Inc. increased its stake in ConocoPhillips by 2.3% in the 2nd quarter. AlTi Global Inc. now owns 7,132 shares of the energy producer’s stock valued at $816,000 after buying an additional 162 shares during the period. AXA S.A. raised its position in ConocoPhillips by 7.1% during the 2nd quarter. AXA S.A. now owns 32,046 shares of the energy producer’s stock worth $3,665,000 after buying an additional 2,116 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of ConocoPhillips by 25.2% in the 2nd quarter. AQR Capital Management LLC now owns 615,172 shares of the energy producer’s stock worth $70,363,000 after acquiring an additional 123,834 shares during the period. Finally, Encompass Capital Advisors LLC purchased a new stake in shares of ConocoPhillips in the second quarter valued at about $60,050,000. 82.36% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, Director Arjun N. Murti bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $95.87 per share, with a total value of $239,675.00. Following the completion of the transaction, the director now owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. The trade was a 13.16 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director R A. Walker purchased 10,400 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were bought at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. The trade was a 37.68 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.
ConocoPhillips Price Performance
ConocoPhillips (NYSE:COP – Get Free Report) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. ConocoPhillips’s revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.16 earnings per share. Equities analysts predict that ConocoPhillips will post 7.65 earnings per share for the current year.
ConocoPhillips Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were given a dividend of $0.78 per share. The ex-dividend date was Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 3.00%. ConocoPhillips’s dividend payout ratio is 37.10%.
Analysts Set New Price Targets
A number of equities research analysts recently commented on COP shares. Evercore ISI restated an “outperform” rating and issued a $165.00 price objective on shares of ConocoPhillips in a research report on Friday, December 6th. JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $120.00 to $123.00 in a research note on Thursday, December 5th. Scotiabank cut their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Piper Sandler lowered their price target on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Wells Fargo & Company reduced their price objective on shares of ConocoPhillips from $134.00 to $132.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips currently has an average rating of “Buy” and a consensus target price of $135.89.
View Our Latest Stock Analysis on COP
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.
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