Manchester Capital Management LLC Purchases 514 Shares of ConocoPhillips (NYSE:COP)

Manchester Capital Management LLC grew its position in shares of ConocoPhillips (NYSE:COP) by 34.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,013 shares of the energy producer’s stock after buying an additional 514 shares during the period. Manchester Capital Management LLC’s holdings in ConocoPhillips were worth $211,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock worth $4,546,706,000 after acquiring an additional 5,549,078 shares during the period. Invesco Ltd. increased its holdings in shares of ConocoPhillips by 37.1% during the fourth quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock worth $1,544,101,000 after purchasing an additional 4,211,939 shares during the period. Northern Trust Corp increased its holdings in shares of ConocoPhillips by 27.6% during the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer’s stock worth $1,364,364,000 after purchasing an additional 2,971,661 shares during the period. GAMMA Investing LLC raised its position in shares of ConocoPhillips by 10,440.1% in the first quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer’s stock valued at $311,299,000 after buying an additional 2,936,066 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its stake in shares of ConocoPhillips by 116.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,318,179 shares of the energy producer’s stock valued at $428,234,000 after buying an additional 2,324,080 shares during the period. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on COP. Barclays lowered their price objective on ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Royal Bank Of Canada decreased their price target on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, July 11th. Piper Sandler reaffirmed an “overweight” rating and set a $123.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research report on Tuesday, July 15th. Mizuho decreased their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Finally, Raymond James Financial boosted their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the company an “outperform” rating in a research report on Tuesday, July 22nd. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.33.

ConocoPhillips Trading Down 2.7%

Shares of COP stock opened at $92.75 on Monday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The stock’s fifty day simple moving average is $91.97 and its 200 day simple moving average is $93.99. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $117.25 billion, a P/E ratio of 11.79, a P/E/G ratio of 2.41 and a beta of 0.67.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results 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 company had revenue of $16.18 billion for the quarter, compared to analysts’ expectations of $15.74 billion. During the same period in the previous year, the business posted $2.05 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, May 19th. ConocoPhillips’s dividend payout ratio is 39.64%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were bought at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.24% of the company’s stock.

About ConocoPhillips

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.