Brighton Jones LLC Reduces Stake in ConocoPhillips (NYSE:COP)

Brighton Jones LLC lessened its stake in shares of ConocoPhillips (NYSE:COP) by 25.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,397 shares of the energy producer’s stock after selling 3,587 shares during the quarter. Brighton Jones LLC’s holdings in ConocoPhillips were worth $1,031,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sustainable Insight Capital Management LLC bought a new stake in ConocoPhillips during the 4th quarter worth approximately $486,000. Hengehold Capital Management LLC grew its position in shares of ConocoPhillips by 8.4% during the 4th quarter. Hengehold Capital Management LLC now owns 2,327 shares of the energy producer’s stock valued at $231,000 after purchasing an additional 181 shares in the last quarter. Montecito Bank & Trust increased its holdings in shares of ConocoPhillips by 5.2% in the fourth quarter. Montecito Bank & Trust now owns 13,804 shares of the energy producer’s stock worth $1,369,000 after purchasing an additional 684 shares during the period. Cerro Pacific Wealth Advisors LLC raised its position in shares of ConocoPhillips by 0.7% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 15,523 shares of the energy producer’s stock worth $1,634,000 after buying an additional 105 shares in the last quarter. Finally, Lifestyle Asset Management Inc. raised its holdings in shares of ConocoPhillips by 8.5% in the 4th quarter. Lifestyle Asset Management Inc. now owns 8,846 shares of the energy producer’s stock valued at $877,000 after acquiring an additional 691 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on COP shares. Piper Sandler cut their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Wells Fargo & Company decreased their price target on shares of ConocoPhillips from $134.00 to $132.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Barclays raised their price objective on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $120.00 to $123.00 in a research report on Thursday, December 5th. Finally, Evercore ISI restated an “outperform” rating and set a $165.00 price target on shares of ConocoPhillips in a research report on Friday, December 6th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $135.89.

ConocoPhillips Price Performance

COP stock opened at $101.88 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average price is $102.98 and its two-hundred day moving average price is $107.13. The stock has a market capitalization of $117.26 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 0.86 and a beta of 1.19. ConocoPhillips has a 12-month low of $94.23 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter in the previous year, the business earned $2.16 EPS. ConocoPhillips’s revenue was down 8.5% compared to the same quarter last year. As a group, equities analysts predict that ConocoPhillips will post 7.65 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were issued a $0.78 dividend. The ex-dividend date was Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 3.06%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is 37.10%.

Insider Buying and Selling at ConocoPhillips

In other news, 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, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This trade represents a 37.68 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Arjun N. Murti purchased 2,500 shares of ConocoPhillips stock in a transaction that occurred on Friday, December 20th. The stock was purchased at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the completion of the purchase, the director now owns 21,500 shares of the company’s stock, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

ConocoPhillips Company 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.