Hennessy Advisors Inc. Cuts Stock Position in ConocoPhillips (NYSE:COP)


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Hennessy Advisors Inc. lowered its holdings in ConocoPhillips (NYSE:COP) by 26.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,400 shares of the energy producer’s stock after selling 31,600 shares during the period. Hennessy Advisors Inc. owned about 6.31% of ConocoPhillips worth $4,683,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in ConocoPhillips by 23.2% in the fourth quarter. Bank of New York Mellon Corp now owns 16,253,068 shares of the energy producer’s stock worth $649,960,000 after purchasing an additional 3,057,307 shares during the last quarter. Boston Partners lifted its position in shares of ConocoPhillips by 17.8% during the 4th quarter. Boston Partners now owns 16,005,135 shares of the energy producer’s stock valued at $640,046,000 after buying an additional 2,417,177 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ConocoPhillips by 12.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,872,369 shares of the energy producer’s stock valued at $554,756,000 after buying an additional 1,569,580 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of ConocoPhillips by 29.2% during the 4th quarter. Lazard Asset Management LLC now owns 12,819,227 shares of the energy producer’s stock valued at $512,639,000 after buying an additional 2,899,393 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of ConocoPhillips by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,490,872 shares of the energy producer’s stock valued at $219,580,000 after buying an additional 80,824 shares during the last quarter. 72.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of COP stock opened at $50.04 on Thursday. ConocoPhillips has a 1-year low of $27.53 and a 1-year high of $61.14. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.38 and a quick ratio of 2.16. The business has a 50-day moving average of $54.12 and a 200 day moving average of $43.90. The stock has a market capitalization of $70.06 million, a PE ratio of -44.28, a P/E/G ratio of 10.03 and a beta of 1.85.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Monday, February 1st. The energy producer reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.06. ConocoPhillips had a negative return on equity of 0.02% and a negative net margin of 5.66%. The business had revenue of $6.05 billion during the quarter, compared to analysts’ expectations of $4.69 billion. During the same quarter last year, the business posted $0.76 EPS. Analysts anticipate that ConocoPhillips will post -0.9 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 1st. Shareholders of record on Friday, February 12th were issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, February 11th. ConocoPhillips’s dividend payout ratio (DPR) is currently 47.91%.

A number of research analysts have recently commented on the company. Truist upped their price target on ConocoPhillips from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, December 31st. Piper Sandler upped their price target on ConocoPhillips from $50.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, April 1st. Truist Financial boosted their price objective on ConocoPhillips from $50.00 to $60.00 in a research note on Monday. Truist Securities boosted their price objective on ConocoPhillips from $50.00 to $60.00 in a research note on Monday. Finally, JPMorgan Chase & Co. started coverage on ConocoPhillips in a research note on Tuesday, January 19th. They set a “neutral” rating on the stock. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. ConocoPhillips presently has a consensus rating of “Buy” and an average target price of $54.64.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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