Townsend Asset Management Corp NC ADV Grows Position in ConocoPhillips (NYSE:COP)

Townsend Asset Management Corp NC ADV grew its holdings in shares of ConocoPhillips (NYSE:COP) by 11.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,538 shares of the energy producer’s stock after purchasing an additional 351 shares during the quarter. Townsend Asset Management Corp NC ADV’s holdings in ConocoPhillips were worth $411,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of COP. Northern Trust Corp grew its stake in ConocoPhillips by 3.2% during the third quarter. Northern Trust Corp now owns 12,486,871 shares of the energy producer’s stock valued at $1,495,927,000 after acquiring an additional 386,276 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in ConocoPhillips by 10.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 12,028,061 shares of the energy producer’s stock worth $1,440,962,000 after purchasing an additional 1,152,907 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in ConocoPhillips by 8.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 8,063,795 shares of the energy producer’s stock worth $968,410,000 after purchasing an additional 659,632 shares in the last quarter. Lazard Asset Management LLC raised its holdings in ConocoPhillips by 1.1% in the 3rd quarter. Lazard Asset Management LLC now owns 7,086,681 shares of the energy producer’s stock worth $848,984,000 after purchasing an additional 74,278 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of ConocoPhillips by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,472,590 shares of the energy producer’s stock worth $775,416,000 after buying an additional 33,466 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Buying and Selling at ConocoPhillips

In other news, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the transaction, the senior vice president now owns 2,654 shares in the company, valued at approximately $293,399.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the completion of the transaction, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 700,775 shares of company stock worth $87,615,169. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on COP. Truist Financial reduced their target price on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Piper Sandler upped their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research report on Thursday. Mizuho reaffirmed a “neutral” rating and issued a $139.00 target price (up from $132.00) on shares of ConocoPhillips in a research report on Friday, March 22nd. Wells Fargo & Company upped their target price on shares of ConocoPhillips from $141.00 to $149.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. Finally, Scotiabank upped their target price on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $143.24.

ConocoPhillips Stock Performance

COP traded up $0.73 during midday trading on Monday, hitting $130.11. 2,530,969 shares of the company traded hands, compared to its average volume of 5,394,249. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $153.06 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 2.73 and a beta of 1.24. The company’s 50-day moving average is $120.56 and its 200 day moving average is $117.20. ConocoPhillips has a 52 week low of $95.70 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last posted its 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. The business had revenue of $15.31 billion for 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 prior year, the business earned $2.71 EPS. On average, research analysts expect that ConocoPhillips will post 9.47 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were paid a dividend of $0.78 per share. The ex-dividend date was Thursday, February 15th. This represents a $3.12 annualized dividend and a yield of 2.40%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is currently 25.61%.

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, 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.