ConocoPhillips $COP Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 27.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,094 shares of the energy producer’s stock after selling 5,442 shares during the quarter. Summit Global Investments’ holdings in ConocoPhillips were worth $1,333,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Howard Hughes Medical Institute acquired a new stake in shares of ConocoPhillips in the 2nd quarter valued at approximately $25,000. Cloud Capital Management LLC purchased a new position in ConocoPhillips in the third quarter worth $26,000. Bogart Wealth LLC lifted its holdings in ConocoPhillips by 136.8% in the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock valued at $28,000 after acquiring an additional 182 shares during the period. Cedar Mountain Advisors LLC lifted its holdings in ConocoPhillips by 58.0% in the third quarter. Cedar Mountain Advisors LLC now owns 316 shares of the energy producer’s stock valued at $30,000 after acquiring an additional 116 shares during the period. Finally, Activest Wealth Management boosted its position in shares of ConocoPhillips by 249.5% during the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after purchasing an additional 232 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Raymond James Financial increased their price target on shares of ConocoPhillips from $98.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, January 22nd. Mizuho upped their target price on shares of ConocoPhillips from $120.00 to $121.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Roth Mkm lifted their price target on shares of ConocoPhillips from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Jefferies Financial Group reissued a “buy” rating on shares of ConocoPhillips in a research note on Monday, December 15th. Finally, Wall Street Zen raised ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.96.

ConocoPhillips Stock Up 1.4%

Shares of NYSE COP opened at $104.25 on Friday. The firm’s 50-day moving average is $94.70 and its two-hundred day moving average is $93.25. The company has a market capitalization of $128.82 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 3.26 and a beta of 0.32. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $106.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 1.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. During the same period last year, the company posted $1.78 EPS. The company’s revenue was up 14.1% on a year-over-year basis. Equities analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Monday, November 17th. ConocoPhillips’s payout ratio is presently 47.52%.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, CEO Ryan Michael Lance sold 500,708 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $92.50, for a total value of $46,315,490.00. Following the transaction, the chief executive officer directly owned 325,972 shares in the company, valued at approximately $30,152,410. This represents a 60.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Mcraven purchased 5,768 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the purchase, the director directly owned 5,768 shares in the company, valued at $499,970.24. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.24% of the stock is owned by corporate insiders.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Federal judge cleared ConocoPhillips to proceed with its winter drilling program in Alaska, reducing near-term legal uncertainty that could have delayed production and spending. Federal judge rules that ConocoPhillips can proceed with winter drilling program
• Positive Sentiment: Regulatory clearance was echoed in coverage that a judge “green-lit” COP’s Alaska drilling program, further lowering execution risk for Arctic activity. Judge green-lights ConocoPhillips Alaska oil drilling program
• Positive Sentiment: Geopolitical risk has pushed oil prices higher (Iran/strait-of-Hormuz concerns), which benefits integrated E&P names like ConocoPhillips through stronger commodity realizations and cash flow. Oil Rallies On Iran War Fears – 5 Integrated Energy Giants With Big Dividends
• Neutral Sentiment: ConocoPhillips says its plans for four new Arctic wells are unaffected by the toppled rig, which suggests management expects limited near-term disruption to the development schedule. ConocoPhillips’ plans for 4 new Arctic wells unaffected by toppled rig, company says
• Neutral Sentiment: Coverage notes the company called the Doyon rig destruction “a sad day” but downplayed major impacts; investors should watch for official damage/insurance updates. ConocoPhillips execs call Doyon oil rig destruction a ‘sad day,’ but no major impacts expected
• Negative Sentiment: An Arctic rig toppled and ignited a fire — an operational and reputational risk that could lead to added costs, regulatory scrutiny or delays if follow-up inspections or litigation arise. Monitor incident reports and any updates from regulators. As an Oil Rig Topples in the Alaskan Arctic and Ignites a Fire, Exploration There Continues
• Negative Sentiment: Analysts expect a year-over-year earnings decline for the upcoming quarter, which could cap near-term upside if results miss expectations or guidance is cautious. Analysts Estimate ConocoPhillips (COP) to Report a Decline in Earnings: What to Look Out for

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.