ConocoPhillips $COP Stake Lessened by Corebridge Financial Inc.

Corebridge Financial Inc. cut its holdings in shares of ConocoPhillips (NYSE:COP) by 4.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 284,563 shares of the energy producer’s stock after selling 12,737 shares during the period. Corebridge Financial Inc.’s holdings in ConocoPhillips were worth $29,885,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC lifted its stake in ConocoPhillips by 83.0% during 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. Schwartz Investment Counsel Inc. lifted its stake in ConocoPhillips by 159.6% during the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock valued at $5,125,000 after purchasing an additional 30,000 shares during the last quarter. Aberdeen Group plc lifted its stake in ConocoPhillips by 49.3% during the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock valued at $83,969,000 after purchasing an additional 264,726 shares during the last quarter. ORG Wealth Partners LLC lifted its stake in ConocoPhillips by 853.3% during the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock valued at $698,000 after purchasing an additional 5,922 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its stake in ConocoPhillips by 151.1% during 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 last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on COP shares. Mizuho cut their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Scotiabank raised their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Citigroup decreased their price objective on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, June 11th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $108.00 price objective on shares of ConocoPhillips in a research note on Thursday, August 7th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus price target of $120.95.

ConocoPhillips Stock Up 1.9%

ConocoPhillips stock opened at $96.6240 on Monday. The firm has a market cap of $120.68 billion, a PE ratio of 12.97, a P/E/G ratio of 2.53 and a beta of 0.67. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The firm’s 50 day moving average price is $93.80 and its two-hundred day moving average price is $93.18. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.98 EPS. On average, research analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson acquired 5,300 shares of the company’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 purchase, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.24% of the company’s stock.

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.