Greylin Investment Management Inc Reduces Stake in ConocoPhillips (NYSE:COP)

Greylin Investment Management Inc lowered its position in shares of ConocoPhillips (NYSE:COP) by 1.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 81,865 shares of the energy producer’s stock after selling 1,090 shares during the quarter. ConocoPhillips comprises approximately 1.7% of Greylin Investment Management Inc’s investment portfolio, making the stock its 10th largest position. Greylin Investment Management Inc’s holdings in ConocoPhillips were worth $10,420,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in ConocoPhillips in the 3rd quarter worth about $27,000. West Branch Capital LLC grew its stake in shares of ConocoPhillips by 87.8% in the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after acquiring an additional 108 shares during the period. Cooksen Wealth LLC purchased a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $27,000. Sachetta LLC bought a new position in ConocoPhillips during the fourth quarter valued at approximately $27,000. Finally, Richardson Capital Management LLC purchased a new stake in ConocoPhillips in the first quarter worth approximately $31,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on COP shares. UBS Group increased their price target on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Scotiabank increased their price objective on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 11th. Royal Bank of Canada upped their target price on shares of ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, May 15th. Piper Sandler boosted their price objective on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Finally, Wells Fargo & Company raised their target price on ConocoPhillips from $149.00 to $151.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $143.24.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, CFO William L. Jr. Bullock sold 45,200 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $123.32, for a total transaction of $5,574,064.00. Following the sale, the chief financial officer now directly owns 44,153 shares of the company’s stock, valued at $5,444,947.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the completion of the transaction, the chief executive officer now directly owns 6,780 shares of the company’s stock, valued at approximately $853,669.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William L. Jr. Bullock sold 45,200 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total transaction of $5,574,064.00. Following the completion of the sale, the chief financial officer now directly owns 44,153 shares in the company, valued at $5,444,947.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 664,350 shares of company stock valued at $83,537,680. Insiders own 0.34% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock traded down $0.55 during trading on Thursday, reaching $117.64. 3,757,269 shares of the stock traded hands, compared to its average volume of 5,285,075. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.35 and a quick ratio of 1.21. The company has a market capitalization of $137.58 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 2.65 and a beta of 1.25. ConocoPhillips has a 52-week low of $98.38 and a 52-week high of $135.18. The business has a fifty day simple moving average of $125.98 and a two-hundred day simple moving average of $117.74.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, May 2nd. The energy producer reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The business had revenue of $14.48 billion for the quarter, compared to analysts’ expectations of $14.72 billion. Sell-side analysts expect that ConocoPhillips will post 9.09 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 13th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Friday, May 10th. ConocoPhillips’s dividend payout ratio is 26.27%.

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.