Trueblood Wealth Management LLC Takes $293,000 Position in ConocoPhillips (NYSE:COP)

Trueblood Wealth Management LLC acquired a new stake in ConocoPhillips (NYSE:COP) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 2,523 shares of the energy producer’s stock, valued at approximately $293,000.

A number of other large investors have also added to or reduced their stakes in the business. Morgan Stanley lifted its holdings in shares of ConocoPhillips by 26.6% during the fourth quarter. Morgan Stanley now owns 16,647,723 shares of the energy producer’s stock worth $1,964,432,000 after buying an additional 3,497,750 shares in the last quarter. Northern Trust Corp raised its position in shares of ConocoPhillips by 3.2% in the 3rd quarter. Northern Trust Corp now owns 12,486,871 shares of the energy producer’s stock valued at $1,495,927,000 after buying an additional 386,276 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ConocoPhillips by 10.6% in the third quarter. Bank of New York Mellon Corp now owns 12,028,061 shares of the energy producer’s stock valued at $1,440,962,000 after acquiring an additional 1,152,907 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of ConocoPhillips by 98,832.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 8,584,373 shares of the energy producer’s stock worth $1,012,956,000 after buying an additional 8,575,696 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in ConocoPhillips by 8.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 8,063,795 shares of the energy producer’s stock worth $968,410,000 after purchasing an additional 659,632 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the transaction, the chief executive officer now owns 6,780 shares in the company, valued at $853,669.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction on Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the transaction, the chief executive officer now directly owns 6,780 shares in the company, valued at approximately $853,669.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the sale, the executive vice president now owns 14,522 shares of the company’s stock, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock valued at $87,615,169 in the last three months. Corporate insiders own 0.37% of the company’s stock.

ConocoPhillips Stock Up 0.3 %

Shares of NYSE COP traded up $0.44 during trading on Thursday, reaching $127.28. The company had a trading volume of 4,629,623 shares, compared to its average volume of 5,775,233. ConocoPhillips has a 12-month low of $95.70 and a 12-month high of $128.64. The stock has a market cap of $149.73 billion, a PE ratio of 14.08, a P/E/G ratio of 2.87 and a beta of 1.23. The business’s 50-day moving average is $113.87 and its 200 day moving average is $116.08. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The business had revenue of $15.31 billion during the quarter, compared to the consensus estimate of $14.47 billion. During the same period in the previous year, the company posted $2.71 EPS. As a group, equities analysts forecast that ConocoPhillips will post 8.79 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.45%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Thursday, February 15th. ConocoPhillips’s dividend payout ratio is 25.61%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Morgan Stanley upped their price objective on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler reduced their price objective on shares of ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating for the company in a research report on Thursday, March 14th. JPMorgan Chase & Co. lowered their target price on ConocoPhillips from $153.00 to $141.00 and set a “neutral” rating on the stock in a research report on Friday, December 8th. Raymond James reduced their price target on shares of ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Finally, Susquehanna reduced their price objective on shares of ConocoPhillips from $152.00 to $133.00 and set a “positive” rating for the company in a report on Friday, January 26th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $135.35.

ConocoPhillips 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.