DnB Asset Management AS reduced its stake in shares of ConocoPhillips (NYSE:COP – Free Report) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 246,130 shares of the energy producer’s stock after selling 4,088 shares during the period. DnB Asset Management AS’s holdings in ConocoPhillips were worth $25,502,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ten Capital Wealth Advisors LLC lifted its stake in shares of ConocoPhillips by 205.8% during the fourth quarter. Ten Capital Wealth Advisors LLC now owns 211 shares of the energy producer’s stock worth $25,000 after buying an additional 142 shares during the period. Jackson Grant Investment Advisers Inc. lifted its position in ConocoPhillips by 398.1% during the first 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 period. Financial Connections Group Inc. lifted its position in ConocoPhillips by 383.3% during the fourth quarter. Financial Connections Group Inc. now owns 290 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 230 shares during the period. Fairfield Bush & CO. acquired a new position in ConocoPhillips during the first quarter valued at $31,000. Finally, NewSquare Capital LLC lifted its position in ConocoPhillips by 335.4% during the first 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 period. 80.36% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Ryan Michael Lance sold 569,400 shares of ConocoPhillips stock in a transaction on Friday, September 1st. The shares were 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 directly owns 18,187 shares in the company, valued at approximately $2,221,360.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.37% of the company’s stock.
ConocoPhillips Stock Performance
ConocoPhillips (NYSE:COP – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The energy producer reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.10). ConocoPhillips had a net margin of 18.66% and a return on equity of 27.27%. The firm had revenue of $12.88 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same quarter in the previous year, the business posted $3.91 earnings per share. On average, research analysts predict that ConocoPhillips will post 8.87 EPS for the current fiscal year.
ConocoPhillips Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Wednesday, August 16th were issued a $0.51 dividend. The ex-dividend date was Wednesday, September 27th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.64%. ConocoPhillips’s payout ratio is 19.65%.
Analyst Ratings Changes
A number of research firms recently issued reports on COP. Erste Group Bank upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Truist Financial boosted their target price on shares of ConocoPhillips from $148.00 to $151.00 and gave the company a “buy” rating in a research report on Friday, August 4th. UBS Group lifted their price objective on shares of ConocoPhillips from $127.00 to $147.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Jefferies Financial Group cut their price objective on shares of ConocoPhillips from $143.00 to $141.00 and set a “buy” rating for the company in a report on Monday, August 28th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $124.00 price objective on shares of ConocoPhillips in a report on Wednesday, July 19th. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $134.42.
ConocoPhillips Company Profile
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.
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