Novare Capital Management LLC Sells 575 Shares of ConocoPhillips (NYSE:COP)

Novare Capital Management LLC reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 12.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,912 shares of the energy producer’s stock after selling 575 shares during the period. Novare Capital Management LLC’s holdings in ConocoPhillips were worth $388,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Clarendon Private LLC bought a new position in shares of ConocoPhillips during the 4th quarter valued at $577,000. Duncan Williams Asset Management LLC purchased a new stake in ConocoPhillips during the fourth quarter valued at about $214,000. Flagship Harbor Advisors LLC grew its stake in shares of ConocoPhillips by 20.9% during the fourth quarter. Flagship Harbor Advisors LLC now owns 15,982 shares of the energy producer’s stock valued at $1,585,000 after buying an additional 2,764 shares during the last quarter. Grimes & Company Inc. increased its holdings in shares of ConocoPhillips by 2.2% in the fourth quarter. Grimes & Company Inc. now owns 12,310 shares of the energy producer’s stock worth $1,221,000 after buying an additional 270 shares during the period. Finally, Linden Thomas Advisory Services LLC lifted its stake in shares of ConocoPhillips by 6.5% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 12,471 shares of the energy producer’s stock valued at $1,237,000 after acquiring an additional 757 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ConocoPhillips

In related news, Director R A. Walker bought 10,400 shares of the stock in a transaction on Tuesday, December 17th. The shares were acquired at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the purchase, the director now owns 38,000 shares of the company’s stock, valued at approximately $3,716,400. The trade was a 37.68 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arjun N. Murti purchased 2,500 shares of ConocoPhillips stock in a transaction dated Friday, December 20th. The stock was bought at an average price of $95.87 per share, with a total value of $239,675.00. Following the completion of the purchase, the director now directly owns 21,500 shares of the company’s stock, valued at approximately $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. 0.34% of the stock is owned by insiders.

ConocoPhillips Price Performance

COP opened at $101.88 on Friday. ConocoPhillips has a 12-month low of $94.23 and a 12-month high of $135.18. The company has a market cap of $117.26 billion, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 0.86 and a beta of 1.19. 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 stock has a fifty day simple moving average of $102.98 and a two-hundred day simple moving average of $107.13.

ConocoPhillips (NYSE:COP) last issued 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. The company had revenue of $13.60 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the company posted $2.16 EPS. Research analysts predict that ConocoPhillips will post 7.65 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed 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. This represents a $3.12 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on COP. Raymond James raised their price target on ConocoPhillips from $148.00 to $157.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Piper Sandler decreased their target price 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. Barclays upped their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Mizuho raised shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $132.00 to $134.00 in a report on Monday, December 16th. Finally, Wells Fargo & Company lowered 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 issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ConocoPhillips currently has an average rating of “Buy” and an average price target of $135.89.

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.