ConocoPhillips (NYSE:COP) Sees Significant Decrease in Short Interest

ConocoPhillips (NYSE:COP) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 12,880,000 shares, a drop of 5.7% from the March 15th total of 13,660,000 shares. Based on an average trading volume of 5,600,000 shares, the short-interest ratio is currently 2.3 days. Currently, 1.1% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on COP shares. Barclays started coverage on ConocoPhillips in a research note on Wednesday, April 10th. They set an “overweight” rating and a $158.00 price target for the company. Piper Sandler cut their price target on ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating for the company in a research note on Thursday, March 14th. Susquehanna cut their price target on ConocoPhillips from $152.00 to $133.00 and set a “positive” rating for the company in a research note on Friday, January 26th. UBS Group lifted their price target on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Mizuho reiterated a “neutral” rating and set a $139.00 price target (up previously from $132.00) on shares of ConocoPhillips in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.59.

Insider Transactions at ConocoPhillips

In other news, VP Christopher P. Delk sold 8,505 shares of ConocoPhillips stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $112.06, for a total value of $953,070.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Heather G. Hrap sold 4,548 shares of ConocoPhillips stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $110.55, for a total value of $502,781.40. Following the completion of the transaction, the senior vice president now directly owns 2,654 shares of the company’s stock, valued at approximately $293,399.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Christopher P. Delk sold 8,505 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total value of $953,070.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 700,775 shares of company stock valued at $87,615,169. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

A number of hedge funds and other institutional investors have recently bought and sold shares of COP. Orion Capital Management LLC purchased a new position in ConocoPhillips in the third quarter worth $27,000. West Branch Capital LLC boosted its holdings in shares of ConocoPhillips by 87.8% during the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after purchasing an additional 108 shares during the period. Sachetta LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $27,000. Cooksen Wealth LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $27,000. Finally, RVW Wealth LLC purchased a new stake in shares of ConocoPhillips during the third quarter worth about $28,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE:COP traded down $0.72 during mid-day trading on Wednesday, reaching $129.53. The company had a trading volume of 3,878,617 shares, compared to its average volume of 4,204,073. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36. The firm has a market cap of $152.38 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 2.83 and a beta of 1.24. The company’s 50-day moving average price is $119.60 and its 200-day moving average price is $116.93. ConocoPhillips has a one year low of $95.70 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last issued its 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 net margin of 18.71% and a return on equity of 22.08%. The business had revenue of $15.31 billion for the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter in the previous year, the firm posted $2.71 EPS. As a group, equities research analysts anticipate that ConocoPhillips will post 9.21 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were issued a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $3.12 dividend on an annualized basis and a yield of 2.41%. ConocoPhillips’s payout ratio is presently 25.61%.

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.