HITE Hedge Asset Management LLC Sells 467,671 Shares of ConocoPhillips $COP

HITE Hedge Asset Management LLC trimmed its position in ConocoPhillips (NYSE:COP) by 83.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 95,770 shares of the energy producer’s stock after selling 467,671 shares during the period. HITE Hedge Asset Management LLC’s holdings in ConocoPhillips were worth $8,965,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of COP. Capital International Investors boosted its position in ConocoPhillips by 18.2% in the 3rd quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock valued at $4,318,239,000 after buying an additional 7,037,873 shares during the last quarter. Primecap Management Co. CA boosted its position in ConocoPhillips by 31.3% in the 3rd quarter. Primecap Management Co. CA now owns 10,351,010 shares of the energy producer’s stock valued at $979,102,000 after buying an additional 2,467,555 shares during the last quarter. Ameriprise Financial Inc. boosted its position in ConocoPhillips by 20.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer’s stock valued at $1,228,886,000 after buying an additional 2,216,010 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in ConocoPhillips in the 3rd quarter valued at $135,265,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in ConocoPhillips in the 4th quarter valued at $128,470,000. 82.36% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Kelly Brunetti Rose sold 7,700 shares of the firm’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $130.03, for a total transaction of $1,001,231.00. Following the sale, the senior vice president owned 25,284 shares of the company’s stock, valued at approximately $3,287,678.52. This trade represents a 23.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nicholas G. Olds sold 6,994 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $127.06, for a total value of $888,657.64. Following the sale, the executive vice president directly owned 5,395 shares in the company, valued at $685,488.70. The trade was a 56.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 634,715 shares of company stock valued at $81,410,816 in the last 90 days. 0.09% of the stock is owned by company insiders.

ConocoPhillips Stock Performance

COP stock opened at $116.59 on Friday. The business’s fifty day moving average is $120.62 and its 200-day moving average is $110.46. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. The company has a market cap of $142.04 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 1.28 and a beta of 0.11. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.87.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.09 EPS. Equities research analysts forecast that ConocoPhillips will post 10.03 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. ConocoPhillips’s dividend payout ratio is 57.05%.

Analysts Set New Price Targets

A number of brokerages have commented on COP. UBS Group increased their price objective on ConocoPhillips from $130.00 to $144.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Truist Financial set a $128.00 price objective on ConocoPhillips in a research report on Friday, May 1st. Roth Mkm lowered ConocoPhillips from a “buy” rating to a “neutral” rating and set a $112.00 price objective on the stock. in a research report on Tuesday, February 17th. Raymond James Financial decreased their price objective on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating on the stock in a research report on Monday, June 1st. Finally, Barclays increased their price target on ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Seventeen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.48.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips has been trading higher alongside the broader rebound in energy stocks, with crude prices and sector momentum helping support investor demand. ConocoPhillips (COP) Rises Higher Than Market: Key Facts
• Positive Sentiment: Wall Street remains broadly constructive on ConocoPhillips, with reports citing 18 buy ratings and no sell ratings, reinforcing the view that analysts still expect solid upside potential. Wall Street Has 18 Buy Ratings on ConocoPhillips and Zero Sells. Our Price Target Says They Are All Wrong
• Positive Sentiment: ConocoPhillips continues to be highlighted as a strong value stock, which can attract investors looking for cash-flow-generating energy names at reasonable valuations. Here’s Why ConocoPhillips (COP) is a Strong Value Stock
• Neutral Sentiment: ConocoPhillips was included in a TotalEnergies-led offshore exploration MoU in Syria, but the news is early-stage and appears more strategic than immediately material to earnings. TotalEnergies (TTE), QatarEnergy, ConocoPhillips (COP) Sign MoU to Explore Offshore Block 3
• Negative Sentiment: Some commentary suggests the recent rebound may have pushed ConocoPhillips above fair value, with one note arguing the stock could be priced ahead of fundamentals despite the bullish analyst backdrop. Wall Street Has 18 Buy Ratings on ConocoPhillips and Zero Sells. Our Price Target Says They Are All Wrong
• Negative Sentiment: Recent insider selling added a small cautionary note for investors, though the move appears limited relative to the broader bullish trend. Top ConocoPhillips Insider Makes Notable Move in Latest Stock Transaction

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.