Old Port Advisors Reduces Holdings in ConocoPhillips (NYSE:COP)

Old Port Advisors lowered its stake in shares of ConocoPhillips (NYSE:COP) by 2.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,836 shares of the energy producer’s stock after selling 151 shares during the period. Old Port Advisors’ holdings in ConocoPhillips were worth $678,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in shares of ConocoPhillips by 2.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,474,270 shares of the energy producer’s stock worth $155,211,000 after acquiring an additional 32,948 shares during the period. IMS Capital Management boosted its position in shares of ConocoPhillips by 20.1% during the third quarter. IMS Capital Management now owns 2,991 shares of the energy producer’s stock valued at $315,000 after purchasing an additional 500 shares in the last quarter. Syntax Research Inc. purchased a new stake in ConocoPhillips in the third quarter worth $3,235,000. Fidelity D & D Bancorp Inc. raised its holdings in ConocoPhillips by 4.7% in the third quarter. Fidelity D & D Bancorp Inc. now owns 2,884 shares of the energy producer’s stock worth $304,000 after purchasing an additional 129 shares in the last quarter. Finally, Oddo BHF Asset Management Sas purchased a new position in ConocoPhillips during the third quarter valued at $4,698,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Performance

NYSE:COP traded up $1.33 during mid-day trading on Thursday, reaching $100.50. The company’s stock had a trading volume of 1,386,292 shares, compared to its average volume of 6,137,225. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock has a market cap of $115.67 billion, a P/E ratio of 11.95, a PEG ratio of 0.83 and a beta of 1.18. The firm’s fifty day moving average price is $104.94 and its two-hundred day moving average price is $108.25. ConocoPhillips has a 12-month low of $94.23 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.16 earnings per share. On average, equities analysts forecast that ConocoPhillips will post 7.77 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.10%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, Director R A. Walker purchased 10,400 shares of ConocoPhillips stock in a transaction dated Tuesday, December 17th. The stock was purchased at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arjun N. Murti acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was acquired at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now owns 21,500 shares of the company’s stock, valued at $2,061,205. The trade was a 13.16 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COP. Susquehanna upped their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Truist Financial cut their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Barclays lifted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Scotiabank cut their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $120.00 to $123.00 in a research note on Thursday, December 5th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $136.71.

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.