Manning & Napier Group LLC Sells 39,257 Shares of ConocoPhillips (NYSE:COP)

Manning & Napier Group LLC reduced its stake in ConocoPhillips (NYSE:COP) by 14.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 238,637 shares of the energy producer’s stock after selling 39,257 shares during the period. Manning & Napier Group LLC’s holdings in ConocoPhillips were worth $27,699,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. West Tower Group LLC purchased a new position in ConocoPhillips in the 2nd quarter worth approximately $27,000. Orion Capital Management LLC purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $27,000. RVW Wealth LLC bought a new stake in shares of ConocoPhillips in the 3rd quarter worth approximately $28,000. Fairfield Bush & CO. bought a new stake in shares of ConocoPhillips in the 1st quarter worth approximately $31,000. Finally, Oliver Lagore Vanvalin Investment Group grew its position in shares of ConocoPhillips by 63.1% in the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 287 shares of the energy producer’s stock worth $34,000 after buying an additional 111 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on COP. Piper Sandler cut their price objective on ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating on the stock in a research report on Thursday, March 14th. Scotiabank lifted their price target on ConocoPhillips from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Friday, February 9th. Mizuho restated a “neutral” rating and set a $139.00 price target (up from $132.00) on shares of ConocoPhillips in a research report on Friday, March 22nd. JPMorgan Chase & Co. dropped their price target on ConocoPhillips from $153.00 to $141.00 and set a “neutral” rating on the stock in a research report on Friday, December 8th. Finally, UBS Group lifted their price target on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.35.

ConocoPhillips Stock Performance

ConocoPhillips stock traded up $0.44 during mid-day trading on Friday, reaching $127.28. 4,657,970 shares of the stock traded hands, compared to its average volume of 6,126,726. The stock has a market capitalization of $149.73 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 2.88 and a beta of 1.23. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. ConocoPhillips has a 12-month low of $95.70 and a 12-month high of $128.64. The business’s 50-day moving average is $114.28 and its 200-day moving average is $116.16.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The business had revenue of $15.31 billion during the quarter, compared to analyst estimates of $14.47 billion. During the same quarter in the previous year, the company posted $2.71 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 8.79 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is currently 25.61%.

Insider Buying and Selling at ConocoPhillips

In other news, CFO William L. Jr. Bullock sold 45,200 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total value of $5,574,064.00. Following the completion of the transaction, the chief financial officer now owns 44,153 shares of the company’s stock, valued at $5,444,947.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $110.55, for a total transaction of $502,781.40. Following the completion of the transaction, the senior vice president now directly owns 2,654 shares of the company’s stock, valued at $293,399.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO William L. Jr. Bullock sold 45,200 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $123.32, for a total value of $5,574,064.00. Following the transaction, the chief financial officer now directly owns 44,153 shares of the company’s stock, valued at $5,444,947.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 700,775 shares of company stock valued at $87,615,169. Company insiders own 0.37% 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.