ConocoPhillips $COP Stock Position Reduced by Balentine LLC

Balentine LLC decreased its position in ConocoPhillips (NYSE:COP) by 31.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,336 shares of the energy producer’s stock after selling 3,751 shares during the period. Balentine LLC’s holdings in ConocoPhillips were worth $1,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares during the last quarter. BlackRock Inc. grew its holdings in shares of ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after buying an additional 2,712,703 shares in the last quarter. Wellington Management Group LLP raised its position in shares of ConocoPhillips by 12.0% in the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock valued at $1,566,901,000 after buying an additional 1,609,759 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of ConocoPhillips by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer’s stock valued at $1,457,978,000 after buying an additional 74,261 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of ConocoPhillips by 10.8% in the first quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer’s stock valued at $1,344,017,000 after buying an additional 995,392 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 0.7%

NYSE COP opened at $136.38 on Friday. ConocoPhillips has a 12 month low of $85.59 and a 12 month high of $154.28. The company has a 50-day moving average of $136.92 and a 200-day moving average of $122.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.52 and a quick ratio of 1.39. The company has a market cap of $163.84 billion, a P/E ratio of 14.33, a P/E/G ratio of 1.28 and a beta of 0.16.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, topping the consensus estimate of $3.05 by $0.22. ConocoPhillips had a net margin of 16.55% and a return on equity of 17.60%. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.59 billion. During the same period in the prior year, the firm posted $1.61 EPS. The company’s revenue was up 29.2% on a year-over-year basis. As a group, equities analysts predict that ConocoPhillips will post 11.84 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be given a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 2.7%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Monday, November 16th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Seaport Research Partners began coverage on shares of ConocoPhillips in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. UBS Group reaffirmed an “outperform” rating on shares of ConocoPhillips in a research note on Monday, November 2nd. Piper Sandler assumed coverage on ConocoPhillips in a report on Tuesday, October 27th. They issued a “neutral” rating and a $157.00 price target for the company. Barclays reduced their price target on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Finally, Wall Street Zen upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.04.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Strong Q3 results: ConocoPhillips reported adjusted earnings of $3.27 per share, above estimates, as higher realized commodity prices helped more than double earnings year over year. Revenue also topped expectations, and operating cash flow reached $7.2 billion. Article: ConocoPhillips Q3 Earnings Beat Estimates on Higher Commodity Prices
• Positive Sentiment: Higher shareholder payout and cash-flow ambitions: The company increased its quarterly dividend about 11%, to $0.93 per share. Management also reiterated a plan for roughly $7 billion in additional free cash flow by 2029, supported by lower capital spending, production growth and shareholder returns. Article: Is ConocoPhillips a Buy After Its Latest Earnings Report?
• Positive Sentiment: Willow project progress: The Alaska project is approaching a key milestone, with drilling targeted for 2027, supporting the company’s future production outlook. Article: ConocoPhillips eyes Willow drilling in 2027 as Alaska project reaches key milestone
• Neutral Sentiment: Analyst view remains favorable, but one target was trimmed: Wells Fargo lowered its price target from $189 to $185 while retaining an Overweight rating. Article: Wells Fargo recommendations
• Negative Sentiment: Production and price sensitivity: Output declined in the quarter, even as higher oil prices boosted results. That leaves earnings and cash returns exposed if commodity prices retreat. ETFs were also net sellers of about $22.9 million of COP shares on Nov. 4, a modest near-term pressure. Article: ETFs Are Net Sellers of ConocoPhillips

Insiders Place Their Bets

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares of the company’s stock, valued at $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.