Smead Capital Management Inc. Cuts Stake in ConocoPhillips (NYSE:COP)

Smead Capital Management Inc. trimmed its position in shares of ConocoPhillips (NYSE:COP) by 17.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,929,476 shares of the energy producer’s stock after selling 402,749 shares during the quarter. ConocoPhillips comprises about 4.0% of Smead Capital Management Inc.’s holdings, making the stock its 13th biggest holding. Smead Capital Management Inc. owned 0.16% of ConocoPhillips worth $223,954,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Investors Asset Management of Georgia Inc. GA ADV grew its position in ConocoPhillips by 4.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 14,562 shares of the energy producer’s stock valued at $1,694,000 after purchasing an additional 600 shares during the last quarter. Twin Capital Management Inc. grew its position in ConocoPhillips by 6.0% during the 4th quarter. Twin Capital Management Inc. now owns 42,696 shares of the energy producer’s stock valued at $4,956,000 after purchasing an additional 2,400 shares during the last quarter. Peterson Wealth Services grew its position in ConocoPhillips by 20.3% during the 4th quarter. Peterson Wealth Services now owns 35,496 shares of the energy producer’s stock valued at $4,120,000 after purchasing an additional 5,983 shares during the last quarter. HF Advisory Group LLC boosted its holdings in shares of ConocoPhillips by 9.5% during the 4th quarter. HF Advisory Group LLC now owns 8,033 shares of the energy producer’s stock valued at $932,000 after acquiring an additional 694 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of ConocoPhillips by 2.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 130,355 shares of the energy producer’s stock valued at $15,130,000 after acquiring an additional 2,503 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction that occurred on 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 sale, the chief executive officer now owns 6,780 shares in the company, valued at $853,669.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Christopher P. Delk sold 8,505 shares of ConocoPhillips stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ryan Michael Lance sold 607,000 shares of the firm’s stock in a transaction on 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 $853,669.80. The disclosure for this sale can be found here. Insiders have sold a total of 700,775 shares of company stock worth $87,615,169 over the last quarter. Insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

NYSE COP traded down $0.61 on Thursday, reaching $127.72. 1,830,512 shares of the stock were exchanged, compared to its average volume of 5,428,852. ConocoPhillips has a one year low of $95.70 and a one year high of $135.18. The firm has a market capitalization of $150.25 billion, a PE ratio of 14.14, a PEG ratio of 2.77 and a beta of 1.24. The company’s 50-day simple moving average is $119.92 and its two-hundred day simple moving average is $117.01. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 8th. The energy producer reported $2.40 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter last year, the business earned $2.71 EPS. Analysts expect that ConocoPhillips will post 9.35 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $3.12 annualized dividend and a dividend yield of 2.44%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is presently 25.61%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on COP. Piper Sandler raised their price target on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday. Mizuho reaffirmed a “neutral” rating and set a $139.00 price target (up previously from $132.00) on shares of ConocoPhillips in a report on Friday, March 22nd. Susquehanna dropped their price target on shares of ConocoPhillips from $152.00 to $133.00 and set a “positive” rating on the stock in a report on Friday, January 26th. Truist Financial dropped their price target on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Finally, Barclays initiated coverage on shares of ConocoPhillips in a report on Wednesday, April 10th. They set an “overweight” rating and a $158.00 price target on the stock. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.00.

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.