Kingsview Wealth Management LLC Sells 30,041 Shares of ConocoPhillips $COP

Kingsview Wealth Management LLC reduced its stake in ConocoPhillips (NYSE:COP) by 48.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,528 shares of the energy producer’s stock after selling 30,041 shares during the quarter. Kingsview Wealth Management LLC’s holdings in ConocoPhillips were worth $3,045,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its position in ConocoPhillips by 14.7% during the 3rd quarter. Victory Capital Management Inc. now owns 2,331,176 shares of the energy producer’s stock worth $220,506,000 after buying an additional 298,245 shares in the last quarter. Natixis Advisors LLC lifted its position in ConocoPhillips by 8.7% during the 3rd quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer’s stock worth $188,842,000 after buying an additional 160,410 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in ConocoPhillips by 31.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer’s stock worth $8,067,000 after buying an additional 20,501 shares in the last quarter. AE Wealth Management LLC lifted its position in ConocoPhillips by 107.5% during the 3rd quarter. AE Wealth Management LLC now owns 103,430 shares of the energy producer’s stock worth $9,783,000 after buying an additional 53,587 shares in the last quarter. Finally, SPX Gestao de Recursos Ltda bought a new stake in ConocoPhillips during the 3rd quarter worth about $1,892,000. 82.36% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Heather G. Hrap sold 2,654 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $119.68, for a total value of $317,630.72. Following the transaction, the senior vice president owned 5,663 shares in the company, valued at approximately $677,747.84. This represents a 31.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Brunetti Rose sold 7,700 shares of the company’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $130.03, for a total transaction of $1,001,231.00. Following the completion of the transaction, the senior vice president owned 25,284 shares in the company, valued at approximately $3,287,678.52. This trade represents a 23.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 734,891 shares of company stock worth $93,345,692 in the last 90 days. 0.09% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. Susquehanna boosted their price target on shares of ConocoPhillips from $149.00 to $152.00 in a research report on Friday, May 1st. UBS Group boosted their price target on shares of ConocoPhillips from $130.00 to $144.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. BMO Capital Markets cut their price target on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Truist Financial set a $128.00 price target on shares of ConocoPhillips in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of ConocoPhillips from $98.00 to $103.00 and gave the stock a “neutral” rating in a research report on Friday, February 6th. Seventeen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $134.60.

ConocoPhillips Stock Down 0.8%

Shares of COP stock opened at $114.01 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 firm’s 50-day moving average is $123.09 and its 200-day moving average is $108.46. The stock has a market cap of $138.90 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.28 and a beta of 0.14. ConocoPhillips has a 52-week low of $84.33 and a 52-week high of $135.87.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to analysts’ expectations of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. ConocoPhillips’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.09 EPS. Sell-side analysts predict that ConocoPhillips will post 9.92 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 11th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, May 11th. ConocoPhillips’s dividend payout ratio is presently 57.05%.

ConocoPhillips Company Profile

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.