ConocoPhillips $COP Shares Sold by Yacktman Asset Management LP

Yacktman Asset Management LP cut its position in shares of ConocoPhillips (NYSE:COP) by 2.4% during the 4th quarter, Holdings Channel reports. The firm owned 1,549,903 shares of the energy producer’s stock after selling 37,840 shares during the period. ConocoPhillips comprises 2.0% of Yacktman Asset Management LP’s investment portfolio, making the stock its 19th largest position. Yacktman Asset Management LP’s holdings in ConocoPhillips were worth $145,086,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Tema Etfs LLC acquired a new stake in shares of ConocoPhillips in the third quarter worth $1,804,000. Victory Capital Management Inc. boosted its position in shares of ConocoPhillips by 14.7% in the third quarter. Victory Capital Management Inc. now owns 2,331,176 shares of the energy producer’s stock worth $220,506,000 after buying an additional 298,245 shares during the period. Natixis Advisors LLC boosted its position in shares of ConocoPhillips by 8.7% in the third quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer’s stock worth $188,842,000 after buying an additional 160,410 shares during the period. Chilton Capital Management LLC boosted its position in shares of ConocoPhillips by 3.2% in the third quarter. Chilton Capital Management LLC now owns 389,995 shares of the energy producer’s stock worth $36,890,000 after buying an additional 11,958 shares during the period. Finally, AE Wealth Management LLC boosted its position in shares of ConocoPhillips by 107.5% in the third quarter. AE Wealth Management LLC now owns 103,430 shares of the energy producer’s stock worth $9,783,000 after buying an additional 53,587 shares during the period. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ConocoPhillips news, EVP Nicholas G. Olds sold 6,994 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $127.06, for a total value of $888,657.64. Following the completion of the sale, the executive vice president owned 5,395 shares of the company’s stock, valued at $685,488.70. The trade was a 56.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ryan Michael Lance sold 113,221 shares of the business’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total value of $15,025,558.91. Following the completion of the sale, the chief executive officer directly owned 350,000 shares of the company’s stock, valued at $46,448,500. This represents a 24.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 734,891 shares of company stock valued at $93,345,692. 0.09% of the stock is owned by corporate insiders.

ConocoPhillips News Summary

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Norway approved ConocoPhillips’ plan to restart and redevelop long-idle oil and gas fields in the Greater Ekofisk area, a project expected to increase gas deliveries to Europe and benefit from stronger European energy security demand. Article: ConocoPhillips gets Norway’s nod to restart fields, boost Europe gas supply
• Positive Sentiment: The company’s North Sea revival plan could unlock new gas volumes for Germany, the UK, and other European markets, reinforcing COP’s exposure to a potentially stronger gas pricing backdrop. Article: ConocoPhillips North Sea Revival Ties Undervalued Stock To European Gas Demand
• Neutral Sentiment: Investors are also parsing analyst questions from COP’s recent Q1 earnings call, suggesting the market is still focused on management’s guidance, capital plans, and the durability of the company’s earnings outlook. Article: The 5 most interesting analyst questions from ConocoPhillips’s Q1 earnings call
• Negative Sentiment: Freedom Capital downgraded ConocoPhillips from strong-buy to hold, which can weigh on sentiment and offset some of the optimism from the Norway project. Article: ConocoPhillips was downgraded by Freedom Capital from strong-buy to hold

Analyst Upgrades and Downgrades

Several brokerages have recently commented on COP. Truist Financial set a $128.00 target price on ConocoPhillips in a research report on Friday, May 1st. Susquehanna raised their target price on ConocoPhillips from $149.00 to $152.00 in a research report on Friday, May 1st. Jefferies Financial Group lifted their price objective on ConocoPhillips from $129.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Barclays lifted their price objective on ConocoPhillips from $128.00 to $136.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Finally, BMO Capital Markets lifted their price objective on ConocoPhillips from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Tuesday, April 7th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $133.04.

ConocoPhillips Price Performance

COP opened at $113.76 on Friday. The stock has a market cap of $138.59 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 1.61 and a beta of 0.14. ConocoPhillips has a 1 year low of $84.28 and a 1 year high of $135.87. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average price of $122.69 and a 200 day moving average price of $105.12.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter last year, the firm earned $2.09 earnings per share. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. Analysts forecast that ConocoPhillips will post 9.5 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 11th will be given a $0.84 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. ConocoPhillips’s payout ratio is currently 57.05%.

ConocoPhillips Company 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.