SVB Wealth LLC Sells 5,699 Shares of ConocoPhillips $COP

SVB Wealth LLC cut its holdings in shares of ConocoPhillips (NYSE:COP) by 13.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 36,742 shares of the energy producer’s stock after selling 5,699 shares during the period. SVB Wealth LLC’s holdings in ConocoPhillips were worth $4,598,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COP. State Street Corp boosted its holdings in ConocoPhillips by 73.2% in the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after purchasing an additional 50,116,727 shares during the period. BlackRock Inc. grew its stake in ConocoPhillips by 3.0% during the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after purchasing an additional 2,712,703 shares in the last quarter. Wellington Management Group LLP increased its holdings in ConocoPhillips by 12.0% during the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after purchasing an additional 1,609,759 shares during the period. Dimensional Fund Advisors LP increased its holdings in ConocoPhillips by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer’s stock worth $1,457,978,000 after purchasing an additional 74,261 shares during the period. Finally, Bank of New York Mellon Corp raised its position in ConocoPhillips by 10.8% in the 1st quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer’s stock valued at $1,344,017,000 after purchasing an additional 995,392 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is owned by company insiders.

ConocoPhillips Trading Up 1.6%

Shares of ConocoPhillips stock opened at $140.13 on Friday. ConocoPhillips has a 1 year low of $85.70 and a 1 year high of $154.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.37 and a current ratio of 1.52. The company has a market capitalization of $165.68 billion, a P/E ratio of 14.72, a PEG ratio of 1.26 and a beta of 0.16. The company’s fifty day moving average is $137.15 and its two-hundred day moving average is $122.89.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.05 by $0.22. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.59 billion. ConocoPhillips had a return on equity of 17.60% and a net margin of 16.55%. The company’s revenue for the quarter was up 29.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.61 earnings per share. Analysts forecast that ConocoPhillips will post 12.13 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be issued a $0.93 dividend. The ex-dividend date is Monday, November 16th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.84. ConocoPhillips’s payout ratio is 35.29%.

Recent ConocoPhillips Headlines

Investors following COP have been watching these headlines:

• Positive Sentiment: The company raised its dividend by 11% and is returning substantial cash through buybacks. Its latest reported quarter also topped analyst expectations for earnings and revenue, supporting the case for continued cash generation. ConocoPhillips (COP) Stock Looks Like A Bargain After Fresh Results
• Negative Sentiment: Sanford C. Bernstein cut its rating from outperform to market perform and lowered its price target to $122, implying notable downside from the referenced share price. Sanford C. Bernstein stock recommendations
• Negative Sentiment: Freedom Broker also downgraded COP, from buy to hold, with a $138 target. Separately, the recent analysis cautions that the stock’s 127.4% five-year gain may have stretched its valuation relative to earnings. ConocoPhillips stock moved down to hold by Freedom Broker ConocoPhillips stock looks like a bargain after fresh results

Wall Street Analysts Forecast Growth

COP has been the subject of several recent research reports. Raymond James Financial reiterated an “outperform” rating and issued a $170.00 price objective on shares of ConocoPhillips in a research note on Monday, November 2nd. Wall Street Zen upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Susquehanna raised their target price on shares of ConocoPhillips from $161.00 to $175.00 and gave the company a “positive” rating in a report on Tuesday, October 20th. Truist Financial lifted their price target on shares of ConocoPhillips from $136.00 to $142.00 and gave the stock a “hold” rating in a research note on Monday. Finally, Piper Sandler started coverage on shares of ConocoPhillips in a research note on Tuesday, October 27th. They issued a “neutral” rating and a $157.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.73.

ConocoPhillips Profile

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids. The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources. ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.