ConocoPhillips (NYSE:COP) Shares Sold by Cambria Investment Management L.P.

Cambria Investment Management L.P. reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 10.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 67,704 shares of the energy producer’s stock after selling 7,578 shares during the quarter. Cambria Investment Management L.P.’s holdings in ConocoPhillips were worth $7,015,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Jackson Grant Investment Advisers Inc. lifted its holdings in shares of ConocoPhillips by 398.1% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 269 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 215 shares during the last quarter. Northwest Bank & Trust Co purchased a new stake in shares of ConocoPhillips in the 2nd quarter valued at about $29,000. Fairfield Bush & CO. purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at about $31,000. NewSquare Capital LLC lifted its holdings in shares of ConocoPhillips by 335.4% in the 1st quarter. NewSquare Capital LLC now owns 344 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 265 shares during the last quarter. Finally, HHM Wealth Advisors LLC lifted its holdings in shares of ConocoPhillips by 91.4% in the 1st quarter. HHM Wealth Advisors LLC now owns 402 shares of the energy producer’s stock valued at $40,000 after purchasing an additional 192 shares during the last quarter. 80.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, CEO Ryan Michael Lance sold 569,400 shares of the 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 sale, the chief executive officer now owns 18,187 shares in the company, valued at approximately $2,221,360.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other ConocoPhillips news, Director Sharmila Mulligan sold 1,849 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $125.19, for a total transaction of $231,476.31. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ryan Michael Lance sold 569,400 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $122.14, for a total value of $69,546,516.00. Following the transaction, the chief executive officer now directly owns 18,187 shares in the company, valued at approximately $2,221,360.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 646,049 shares of company stock worth $78,636,116. 0.37% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on COP shares. Wells Fargo & Company boosted their target price on ConocoPhillips from $134.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Mizuho upped their price objective on ConocoPhillips from $135.00 to $139.00 and gave the company a “neutral” rating in a research note on Monday, September 18th. Truist Financial upped their price objective on ConocoPhillips from $151.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, September 18th. Erste Group Bank raised ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Finally, Susquehanna reduced their price objective on ConocoPhillips from $153.00 to $152.00 and set a “positive” rating for the company in a research note on Wednesday, October 18th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $136.35.

ConocoPhillips Stock Performance

COP opened at $115.03 on Thursday. The stock has a market cap of $136.59 billion, a P/E ratio of 12.57, a P/E/G ratio of 0.70 and a beta of 1.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.66 and a quick ratio of 1.53. The stock’s 50 day simple moving average is $120.04 and its 200 day simple moving average is $112.23. ConocoPhillips has a 1-year low of $91.53 and a 1-year high of $133.50.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 14th will be issued a $0.58 dividend. The ex-dividend date is Monday, November 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.02%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.51. ConocoPhillips’s dividend payout ratio is currently 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.