Beacon Investment Advisory Services Inc. decreased its holdings in ConocoPhillips (NYSE:COP – Free Report) by 80.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,540 shares of the energy producer’s stock after selling 56,623 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in ConocoPhillips were worth $1,343,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Cypress Capital Group grew its holdings in ConocoPhillips by 0.5% in the third quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock valued at $1,978,000 after purchasing an additional 96 shares during the last quarter. Aprio Wealth Management LLC boosted its position in shares of ConocoPhillips by 4.8% in the 3rd quarter. Aprio Wealth Management LLC now owns 2,125 shares of the energy producer’s stock worth $224,000 after buying an additional 97 shares in the last quarter. Smithfield Trust Co grew its stake in ConocoPhillips by 3.3% in the 3rd quarter. Smithfield Trust Co now owns 3,132 shares of the energy producer’s stock valued at $332,000 after acquiring an additional 100 shares during the last quarter. Ignite Planners LLC increased its holdings in ConocoPhillips by 1.0% during the 3rd quarter. Ignite Planners LLC now owns 10,001 shares of the energy producer’s stock valued at $1,053,000 after acquiring an additional 102 shares in the last quarter. Finally, Asset Dedication LLC raised its position in ConocoPhillips by 2.5% during the third quarter. Asset Dedication LLC now owns 4,202 shares of the energy producer’s stock worth $442,000 after acquiring an additional 102 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.
Insider Buying and Selling
In related news, Director Arjun N. Murti bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director R A. Walker purchased 10,400 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was bought at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the acquisition, the director now owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.
ConocoPhillips Price Performance
ConocoPhillips (NYSE:COP – Get Free Report) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company’s revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.16 EPS. As a group, research analysts predict that ConocoPhillips will post 7.68 EPS for the current year.
ConocoPhillips Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were issued a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 3.03%. ConocoPhillips’s payout ratio is presently 37.10%.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on COP shares. TD Cowen initiated coverage on shares of ConocoPhillips in a research note on Friday, January 17th. They set a “buy” rating and a $125.00 price objective for the company. JPMorgan Chase & Co. raised ConocoPhillips from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $120.00 to $123.00 in a research report on Thursday, December 5th. BMO Capital Markets upped their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Piper Sandler decreased their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Scotiabank cut their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $136.00.
View Our Latest Stock Report on ConocoPhillips
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, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.
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