29,928 Shares in ConocoPhillips $COP Purchased by McAlvany Wealth Management LLC

McAlvany Wealth Management LLC bought a new stake in shares of ConocoPhillips (NYSE:COP) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 29,928 shares of the energy producer’s stock, valued at approximately $2,802,000. ConocoPhillips accounts for approximately 2.2% of McAlvany Wealth Management LLC’s investment portfolio, making the stock its 14th biggest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AXA S.A. raised its stake in ConocoPhillips by 91.1% during the 2nd quarter. AXA S.A. now owns 84,937 shares of the energy producer’s stock valued at $7,622,000 after purchasing an additional 40,499 shares during the last quarter. Sei Investments Co. grew its position in ConocoPhillips by 6.1% in the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock worth $70,397,000 after purchasing an additional 44,852 shares during the last quarter. BNP Paribas bought a new position in shares of ConocoPhillips during the 2nd quarter worth about $33,000. Osterweis Capital Management Inc. bought a new position in shares of ConocoPhillips during the 2nd quarter worth about $151,000. Finally, Main Street Financial Solutions LLC increased its holdings in shares of ConocoPhillips by 53.5% during the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer’s stock worth $431,000 after purchasing an additional 1,675 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the subject of several research reports. Barclays increased their target price on shares of ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Truist Financial set a $128.00 price target on ConocoPhillips in a research note on Friday, May 1st. Sanford C. Bernstein upped their price target on ConocoPhillips from $98.00 to $121.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Citigroup raised their price objective on ConocoPhillips from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Finally, UBS Group lifted their price objective on ConocoPhillips from $130.00 to $144.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Seventeen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average target price of $134.48.

Insider Activity

In other news, CEO Ryan Michael Lance sold 113,221 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total value of $15,025,558.91. Following the sale, the chief executive officer directly owned 350,000 shares in the company, valued at approximately $46,448,500. This represents a 24.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Nicholas G. Olds sold 6,994 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $127.06, for a total value of $888,657.64. Following the completion of the transaction, the executive vice president directly owned 5,395 shares of the company’s stock, valued at approximately $685,488.70. The trade was a 56.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 127,915 shares of company stock worth $16,915,448. Company insiders own 0.09% of the company’s stock.

ConocoPhillips Price Performance

NYSE:COP opened at $107.92 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The company has a 50-day moving average of $118.65 and a 200-day moving average of $111.25. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The company has a market capitalization of $131.48 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 1.19 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business had revenue of $15.76 billion for the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter in the previous year, the firm posted $2.09 earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities research analysts anticipate that ConocoPhillips will post 10.03 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips’s payout ratio is presently 57.05%.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.