ConocoPhillips (NYSE:COP) Shares Sold by Spire Wealth Management

Spire Wealth Management trimmed its holdings in ConocoPhillips (NYSE:COP) by 3.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 17,878 shares of the energy producer’s stock after selling 615 shares during the period. Spire Wealth Management’s holdings in ConocoPhillips were worth $1,852,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COP. Fairfield Bush & CO. acquired a new stake in shares of ConocoPhillips during the first quarter valued at about $31,000. Cetera Investment Advisers boosted its position in shares of ConocoPhillips by 4.0% during the 1st quarter. Cetera Investment Advisers now owns 25,399 shares of the energy producer’s stock worth $2,540,000 after purchasing an additional 968 shares during the period. Baird Financial Group Inc. increased its holdings in ConocoPhillips by 1.9% in the 1st quarter. Baird Financial Group Inc. now owns 512,126 shares of the energy producer’s stock valued at $51,213,000 after purchasing an additional 9,313 shares during the last quarter. Zions Bancorporation N.A. raised its position in ConocoPhillips by 59.1% in the first quarter. Zions Bancorporation N.A. now owns 1,810 shares of the energy producer’s stock valued at $181,000 after purchasing an additional 672 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in ConocoPhillips by 21.3% during the first quarter. Brown Brothers Harriman & Co. now owns 14,063 shares of the energy producer’s stock worth $1,406,000 after purchasing an additional 2,465 shares in the last quarter. Institutional investors and hedge funds own 80.36% of the company’s stock.

Insider Activity

In related news, CEO Ryan Michael Lance sold 569,400 shares of the business’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ryan Michael Lance sold 569,400 shares of ConocoPhillips stock in a transaction that occurred 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 directly owns 18,187 shares in the company, valued at approximately $2,221,360.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy A. Leach sold 44,000 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $114.64, for a total value of $5,044,160.00. Following the completion of the sale, the director now directly owns 578,748 shares in the company, valued at approximately $66,347,670.72. The disclosure for this sale can be found here. Insiders sold a total of 646,049 shares of company stock worth $78,636,116 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on COP shares. Susquehanna cut their price objective on ConocoPhillips from $153.00 to $152.00 and set a “positive” rating on the stock in a report on Wednesday, October 18th. Jefferies Financial Group increased their price target on shares of ConocoPhillips from $141.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, October 2nd. Wells Fargo & Company lifted their price objective on shares of ConocoPhillips from $134.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Morgan Stanley boosted their price target on shares of ConocoPhillips from $124.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, October 2nd. Finally, Raymond James cut their price target on ConocoPhillips from $142.00 to $138.00 and set a “strong-buy” rating on the stock in a report on Monday, July 24th. Five analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $136.35.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $115.54 on Wednesday. ConocoPhillips has a 12 month low of $91.53 and a 12 month high of $134.84. The firm has a market capitalization of $137.19 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 0.70 and a beta of 1.28. The business’s 50 day simple moving average is $120.20 and its 200-day simple moving average is $112.21. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.66 and a quick ratio of 1.53.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 14th will be issued a $0.58 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Monday, November 13th. This represents a $2.32 annualized dividend and a yield of 2.01%. ConocoPhillips’s dividend payout ratio is 25.36%.

About ConocoPhillips

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.