Mckinley Capital Management LLC Lowers Holdings in ConocoPhillips (NYSE:COP)

Mckinley Capital Management LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 11.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,751 shares of the energy producer’s stock after selling 5,511 shares during the quarter. Mckinley Capital Management LLC’s holdings in ConocoPhillips were worth $4,533,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tevis Investment Management lifted its stake in ConocoPhillips by 2.7% during the second quarter. Tevis Investment Management now owns 3,294 shares of the energy producer’s stock worth $341,000 after purchasing an additional 87 shares during the last quarter. Aspire Private Capital LLC lifted its stake in ConocoPhillips by 1.5% during the second quarter. Aspire Private Capital LLC now owns 6,072 shares of the energy producer’s stock worth $629,000 after purchasing an additional 92 shares during the last quarter. Signet Investment Advisory Group Inc. lifted its stake in ConocoPhillips by 0.4% during the second quarter. Signet Investment Advisory Group Inc. now owns 21,281 shares of the energy producer’s stock worth $2,205,000 after purchasing an additional 95 shares during the last quarter. Hills Bank & Trust Co lifted its stake in ConocoPhillips by 5.2% during the second quarter. Hills Bank & Trust Co now owns 2,001 shares of the energy producer’s stock worth $207,000 after purchasing an additional 99 shares during the last quarter. Finally, Oakwell Private Wealth Management LLC lifted its stake in ConocoPhillips by 2.2% during the second quarter. Oakwell Private Wealth Management LLC now owns 4,518 shares of the energy producer’s stock worth $468,000 after purchasing an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 80.36% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ryan Michael Lance sold 569,400 shares of ConocoPhillips stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $122.14, for a total value of $69,546,516.00. Following the transaction, the chief executive officer now owns 18,187 shares of the company’s stock, valued at approximately $2,221,360.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other ConocoPhillips news, CEO Ryan Michael Lance sold 569,400 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Andrew D. Lundquist sold 30,800 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $123.83, for a total value of $3,813,964.00. Following the sale, the senior vice president now owns 5,937 shares of the company’s stock, valued at $735,178.71. The disclosure for this sale can be found here. In the last quarter, insiders have sold 602,049 shares of company stock valued at $73,591,956. 0.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. StockNews.com assumed coverage on ConocoPhillips in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Truist Financial raised their target price on ConocoPhillips from $151.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, September 18th. UBS Group raised their target price on ConocoPhillips from $147.00 to $149.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Jefferies Financial Group raised their target price on ConocoPhillips from $141.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, October 2nd. Finally, Bank of America raised their target price on ConocoPhillips from $145.00 to $150.00 in a research note on Wednesday, September 27th. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $136.16.

ConocoPhillips Price Performance

NYSE:COP traded down $0.03 during mid-day trading on Monday, reaching $115.58. 274,237 shares of the stock were exchanged, compared to its average volume of 5,687,752. The business has a fifty day moving average price of $120.48 and a 200 day moving average price of $112.02. The firm has a market capitalization of $137.24 billion, a PE ratio of 12.63, a PEG ratio of 0.70 and a beta of 1.28. ConocoPhillips has a 1-year low of $91.53 and a 1-year high of $135.68. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 0.38.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 14th will be paid a $0.58 dividend. The ex-dividend date is Monday, November 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.01%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.51. ConocoPhillips’s dividend payout ratio (DPR) is currently 22.30%.

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 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.