ConocoPhillips (NYSE:COP) Sees Significant Decline in Short Interest

ConocoPhillips (NYSE:COP) was the recipient of a significant decrease in short interest in March. As of March 31st, there was short interest totalling 12,880,000 shares, a decrease of 5.7% from the March 15th total of 13,660,000 shares. Based on an average daily volume of 5,600,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.1% of the company’s stock are sold short.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on COP shares. UBS Group increased their price objective on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Piper Sandler lowered their target price on shares of ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating on the stock in a report on Thursday, March 14th. Barclays assumed coverage on ConocoPhillips in a research note on Wednesday, April 10th. They set an “overweight” rating and a $158.00 target price for the company. Raymond James decreased their price target on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Finally, Mizuho reiterated a “neutral” rating and issued a $139.00 price objective (up previously from $132.00) on shares of ConocoPhillips in a research report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $140.59.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $130.25 on Tuesday. The company has a market cap of $153.23 billion, a P/E ratio of 14.38, a P/E/G ratio of 2.85 and a beta of 1.24. The business has a fifty day simple moving average of $119.24 and a 200-day simple moving average of $116.86. ConocoPhillips has a 52 week low of $95.70 and a 52 week high of $135.18. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. The company had revenue of $15.31 billion during the quarter, compared to the consensus estimate of $14.47 billion. During the same quarter in the prior year, the company posted $2.71 EPS. Equities research analysts forecast that ConocoPhillips will post 9.21 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is 25.61%.

Insider Activity at ConocoPhillips

In related news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the transaction, the senior vice president now directly owns 2,654 shares of the company’s stock, valued at approximately $293,399.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Nicholas G. Olds sold 12,150 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the sale, the executive vice president now directly owns 14,522 shares of the company’s stock, valued at approximately $1,836,161.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Heather G. Hrap sold 4,548 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the completion of the sale, the senior vice president now directly owns 2,654 shares of the company’s stock, valued at $293,399.70. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock valued at $87,615,169 over the last three months. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of ConocoPhillips

Institutional investors have recently made changes to their positions in the stock. Orion Capital Management LLC acquired a new position in ConocoPhillips in the third quarter valued at $27,000. West Branch Capital LLC lifted its stake in shares of ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Cooksen Wealth LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter worth about $27,000. RVW Wealth LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter worth about $28,000. Finally, Sachetta LLC acquired a new stake in ConocoPhillips during the 4th quarter worth approximately $27,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

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.