Charles Schwab Investment Management Inc. cut its stake in shares of ConocoPhillips (NYSE:COP – Free Report) by 0.3% during the second quarter, HoldingsChannel.com reports. The fund owned 6,439,124 shares of the energy producer’s stock after selling 21,633 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in ConocoPhillips were worth $667,158,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. lifted its position in shares of ConocoPhillips by 398.1% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 269 shares of the energy producer’s stock worth $27,000 after purchasing an additional 215 shares during the period. Northwest Bank & Trust Co bought a new position in ConocoPhillips in the second quarter worth approximately $29,000. Fairfield Bush & CO. purchased a new stake in ConocoPhillips during the first quarter worth $31,000. NewSquare Capital LLC increased its holdings in shares of ConocoPhillips by 335.4% in the 1st quarter. NewSquare Capital LLC now owns 344 shares of the energy producer’s stock valued at $34,000 after acquiring an additional 265 shares during the period. Finally, Graham Capital Wealth Management LLC purchased a new position in shares of ConocoPhillips in the 1st quarter valued at $359,140,000. 80.36% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at ConocoPhillips
In other ConocoPhillips news, Director Sharmila Mulligan sold 1,849 shares of ConocoPhillips stock in a transaction on Friday, September 15th. The shares were sold at an average price of $125.19, for a total value of $231,476.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Sharmila Mulligan sold 1,849 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $125.19, for a total transaction of $231,476.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Andrew D. Lundquist sold 30,800 shares of the company’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 completion of the transaction, the senior vice president now directly owns 5,937 shares of the company’s stock, valued at approximately $735,178.71. The disclosure for this sale can be found here. Insiders sold a total of 646,049 shares of company stock worth $78,636,116 in the last three months. Company insiders own 0.37% of the company’s stock.
ConocoPhillips Stock Down 0.4 %
ConocoPhillips Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 14th will be paid a dividend of $0.58 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Monday, November 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.02%. ConocoPhillips’s dividend payout ratio (DPR) is presently 25.36%.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. StockNews.com initiated coverage on ConocoPhillips in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Truist Financial raised their price target on shares of ConocoPhillips from $151.00 to $160.00 and gave the company a “buy” rating in a report on Monday, September 18th. Mizuho boosted their price objective on shares of ConocoPhillips from $135.00 to $139.00 and gave the stock a “neutral” rating in a research note on Monday, September 18th. Wells Fargo & Company raised their target price on shares of ConocoPhillips from $134.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Finally, Susquehanna reduced their price target on ConocoPhillips from $153.00 to $152.00 and set a “positive” rating on the stock in a research report on Wednesday, October 18th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $136.35.
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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