Synovus Financial Corp trimmed its position in ConocoPhillips (NYSE:COP – Free Report) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,069 shares of the energy producer’s stock after selling 1,407 shares during the quarter. Synovus Financial Corp’s holdings in ConocoPhillips were worth $4,359,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of COP. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in ConocoPhillips in the second quarter valued at about $274,000. Daymark Wealth Partners LLC grew its holdings in ConocoPhillips by 130.0% during the second quarter. Daymark Wealth Partners LLC now owns 7,375 shares of the energy producer’s stock valued at $764,000 after purchasing an additional 4,168 shares during the period. Summit Global Investments bought a new stake in ConocoPhillips in the second quarter valued at approximately $585,000. EP Wealth Advisors LLC bought a new position in shares of ConocoPhillips during the first quarter worth $258,000. Finally, Astoria Portfolio Advisors LLC. grew its holdings in shares of ConocoPhillips by 17.7% in the 2nd quarter. Astoria Portfolio Advisors LLC. now owns 4,580 shares of the energy producer’s stock valued at $506,000 after buying an additional 690 shares during the period. Institutional investors own 80.36% of the company’s stock.
Insider Buying and Selling at ConocoPhillips
In other news, CEO Ryan Michael Lance sold 569,400 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the completion of the transaction, the chief executive officer now owns 18,187 shares of the company’s stock, valued at approximately $2,221,360.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Ryan Michael Lance sold 569,400 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $122.14, for a total value of $69,546,516.00. Following the sale, the chief executive officer now directly owns 18,187 shares in the company, valued at approximately $2,221,360.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Andrew D. Lundquist sold 30,800 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $123.83, for a total transaction of $3,813,964.00. Following the transaction, the senior vice president now owns 5,937 shares of the company’s stock, valued at $735,178.71. The disclosure for this sale can be found here. In the last quarter, insiders have sold 602,049 shares of company stock valued at $73,591,956. 0.37% of the stock is currently owned by corporate insiders.
ConocoPhillips Price Performance
ConocoPhillips Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 14th will be paid a dividend of $0.58 per share. The ex-dividend date is Monday, November 13th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.51. This represents a $2.32 annualized dividend and a yield of 2.01%. ConocoPhillips’s dividend payout ratio is presently 22.30%.
Analyst Ratings Changes
Several equities research analysts have issued reports on COP shares. Jefferies Financial Group increased their price target on ConocoPhillips from $141.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, October 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $130.00 price target on shares of ConocoPhillips in a research note on Monday, August 14th. Mizuho increased their price objective on ConocoPhillips from $135.00 to $139.00 and gave the company a “neutral” rating in a report on Monday, September 18th. Wells Fargo & Company upped their price target on shares of ConocoPhillips from $134.00 to $138.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Finally, UBS Group boosted their price objective on shares of ConocoPhillips from $147.00 to $149.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Five equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $136.16.
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 and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.
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