Stockman Wealth Management Inc. Lowers Stake in ConocoPhillips (NYSE:COP)

Stockman Wealth Management Inc. reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 28.3% during the 4th quarter, HoldingsChannel reports. The firm owned 4,170 shares of the energy producer’s stock after selling 1,643 shares during the period. Stockman Wealth Management Inc.’s holdings in ConocoPhillips were worth $484,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alphinity Investment Management Pty Ltd purchased a new stake in shares of ConocoPhillips in the third quarter valued at about $310,102,000. Capital Wealth Planning LLC boosted its holdings in shares of ConocoPhillips by 45,426.8% in the third quarter. Capital Wealth Planning LLC now owns 1,429,085 shares of the energy producer’s stock valued at $171,204,000 after acquiring an additional 1,425,946 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ConocoPhillips by 10.6% in the third quarter. Bank of New York Mellon Corp now owns 12,028,061 shares of the energy producer’s stock valued at $1,440,962,000 after acquiring an additional 1,152,907 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of ConocoPhillips by 13,905.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,114,261 shares of the energy producer’s stock valued at $129,332,000 after acquiring an additional 1,106,305 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of ConocoPhillips in the third quarter valued at about $99,676,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Christopher P. Delk sold 8,505 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total value of $953,070.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Ryan Michael Lance sold 607,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the sale, the chief executive officer now directly owns 6,780 shares in the company, valued at $853,669.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Christopher P. Delk sold 8,505 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The disclosure for this sale can be found here. Insiders sold a total of 700,775 shares of company stock valued at $87,615,169 over the last 90 days. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on COP shares. Piper Sandler lifted their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday. Truist Financial decreased their price objective on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, April 5th. UBS Group boosted their price objective on shares of ConocoPhillips from $138.00 to $143.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Wells Fargo & Company boosted their price objective on shares of ConocoPhillips from $141.00 to $149.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Finally, Scotiabank boosted their price objective on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Price Performance

COP traded down $0.05 during midday trading on Monday, reaching $129.33. 4,184,243 shares of the company’s stock were exchanged, compared to its average volume of 5,418,109. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. The stock has a market capitalization of $152.14 billion, a PE ratio of 14.27, a P/E/G ratio of 2.73 and a beta of 1.24. The business’s 50-day moving average price is $120.93 and its 200 day moving average price is $117.31. ConocoPhillips has a 1-year low of $95.70 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. The company had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $14.47 billion. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. During the same quarter in the previous year, the business posted $2.71 earnings per share. As a group, equities analysts anticipate that ConocoPhillips will post 9.47 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date 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%.

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.