Welch Group LLC Lowers Stock Position in ConocoPhillips (NYSE:COP)

Welch Group LLC lessened its position in ConocoPhillips (NYSE:COP) by 9.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,428 shares of the energy producer’s stock after selling 1,014 shares during the quarter. Welch Group LLC’s holdings in ConocoPhillips were worth $915,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brown Lisle Cummings Inc. grew its holdings in ConocoPhillips by 22.1% during the 4th quarter. Brown Lisle Cummings Inc. now owns 1,261 shares of the energy producer’s stock worth $125,000 after acquiring an additional 228 shares in the last quarter. Patron Partners LLC boosted its position in shares of ConocoPhillips by 22.0% in the 4th quarter. Patron Partners LLC now owns 4,978 shares of the energy producer’s stock valued at $494,000 after purchasing an additional 899 shares during the period. abrdn plc grew its position in shares of ConocoPhillips by 3.7% during the fourth quarter. abrdn plc now owns 536,700 shares of the energy producer’s stock worth $52,795,000 after acquiring an additional 19,153 shares during the last quarter. E&G Advisors LP acquired a new position in ConocoPhillips in the fourth quarter valued at $201,000. Finally, Alliance Wealth Advisors LLC UT raised its stake in shares of ConocoPhillips by 31.6% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 5,245 shares of the energy producer’s stock worth $520,000 after purchasing an additional 1,260 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on COP shares. JPMorgan Chase & Co. raised ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $120.00 to $123.00 in a research note on Thursday, December 5th. 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. 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. Morgan Stanley started coverage on ConocoPhillips in a report on Monday, December 16th. They issued an “overweight” rating and a $128.00 price target for the company. Finally, Evercore ISI reiterated an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a research report on Friday, December 6th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $135.89.

Insider Activity at ConocoPhillips

In other news, Director Arjun N. Murti acquired 2,500 shares of ConocoPhillips stock in a transaction dated Friday, December 20th. The shares were purchased at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the transaction, 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director R A. Walker bought 10,400 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were purchased at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the completion of the acquisition, the director now 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 disclosure for this purchase can be found here. 0.34% of the stock is owned by company insiders.

ConocoPhillips Trading Down 0.4 %

COP opened at $98.47 on Tuesday. ConocoPhillips has a twelve month low of $94.23 and a twelve month high of $135.18. The stock has a market capitalization of $113.33 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.76 and a beta of 1.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The company has a 50-day simple moving average of $101.82 and a 200 day simple moving average of $106.59.

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.