Palisade Asset Management LLC Has $1.32 Million Holdings in ConocoPhillips (NYSE:COP)

Palisade Asset Management LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 4.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,604 shares of the energy producer’s stock after selling 596 shares during the period. Palisade Asset Management LLC’s holdings in ConocoPhillips were worth $1,324,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock valued at $4,546,706,000 after acquiring an additional 5,549,078 shares during the period. Elevation Point Wealth Partners LLC increased its holdings in shares of ConocoPhillips by 83.0% in the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock valued at $1,897,000 after purchasing an additional 8,189 shares during the last quarter. Hennessy Advisors Inc. raised its position in shares of ConocoPhillips by 151.1% in the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer’s stock valued at $9,580,000 after purchasing an additional 54,900 shares during the period. ORG Wealth Partners LLC lifted its stake in shares of ConocoPhillips by 853.3% during the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock worth $698,000 after buying an additional 5,922 shares during the last quarter. Finally, NJ State Employees Deferred Compensation Plan lifted its stake in shares of ConocoPhillips by 20.4% during the 4th quarter. NJ State Employees Deferred Compensation Plan now owns 30,100 shares of the energy producer’s stock worth $2,985,000 after buying an additional 5,100 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

COP has been the topic of several research analyst reports. Royal Bank Of Canada lowered their price target on shares of ConocoPhillips from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Piper Sandler decreased their target price on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their price target on ConocoPhillips from $116.00 to $113.00 and set an “overweight” rating for the company in a report on Wednesday, May 14th. Citigroup decreased their price objective on ConocoPhillips from $140.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, June 11th. Finally, Bank of America dropped their target price on ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a report on Friday, May 23rd. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $121.30.

ConocoPhillips Stock Down 3.0%

NYSE COP opened at $91.82 on Tuesday. The business has a fifty day moving average price of $89.76 and a two-hundred day moving average price of $95.32. The stock has a market capitalization of $116.08 billion, a PE ratio of 11.67, a PEG ratio of 2.56 and a beta of 0.61. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $118.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the prior year, the company earned $2.05 EPS. Equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.40%. ConocoPhillips’s payout ratio is currently 39.64%.

Insider Activity at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of the business’s stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president now directly owns 14,527 shares of the company’s stock, valued at approximately $1,369,024.48. This represents a 57.44% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.24% of the stock is currently owned by 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.