Patten & Patten Inc. TN Sells 29,302 Shares of ConocoPhillips (NYSE:COP)

Patten & Patten Inc. TN decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 13.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 195,701 shares of the energy producer’s stock after selling 29,302 shares during the period. ConocoPhillips accounts for 1.3% of Patten & Patten Inc. TN’s portfolio, making the stock its 17th largest position. Patten & Patten Inc. TN’s holdings in ConocoPhillips were worth $19,408,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Albion Financial Group UT boosted its holdings in shares of ConocoPhillips by 876.9% in the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after purchasing an additional 228 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $27,000. Truvestments Capital LLC purchased a new stake in shares of ConocoPhillips in the third quarter valued at approximately $31,000. Global Wealth Strategies & Associates boosted its holdings in shares of ConocoPhillips by 80.5% in the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 153 shares during the period. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of ConocoPhillips in the third quarter valued at approximately $35,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on COP shares. Wells Fargo & Company dropped their target price on ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. The Goldman Sachs Group set a $132.00 price objective on ConocoPhillips in a research report on Thursday, January 30th. Barclays decreased their target price on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. Piper Sandler decreased their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, UBS Group reduced their price objective on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $133.05.

ConocoPhillips Stock Up 3.0 %

COP opened at $99.10 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The firm has a market cap of $126.09 billion, a P/E ratio of 12.72, a PEG ratio of 0.79 and a beta of 1.12. ConocoPhillips has a 52 week low of $86.81 and a 52 week high of $135.18. The business’s fifty day simple moving average is $99.22 and its 200 day simple moving average is $103.81.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. As a group, equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were given a dividend of $0.78 per share. The ex-dividend date was Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 3.15%. ConocoPhillips’s dividend payout ratio (DPR) is presently 40.05%.

Insider Buying and Selling

In other news, Director Arjun N. Murti acquired 2,500 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were bought at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now directly owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director R A. Walker acquired 10,400 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was purchased at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the acquisition, the director now owns 38,000 shares in the company, valued at approximately $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 currently owned by company insiders.

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.