Geode Capital Management LLC Trims Holdings in ConocoPhillips $COP

Geode Capital Management LLC lowered its holdings in ConocoPhillips (NYSE:COP) by 0.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,913,741 shares of the energy producer’s stock after selling 95,442 shares during the quarter. Geode Capital Management LLC’s holdings in ConocoPhillips were worth $2,601,365,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Duncan Williams Asset Management LLC raised its position in ConocoPhillips by 4.4% in the fourth quarter. Duncan Williams Asset Management LLC now owns 2,370 shares of the energy producer’s stock valued at $222,000 after purchasing an additional 100 shares during the period. Wedge Capital Management L L P NC raised its position in ConocoPhillips by 4.1% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,570 shares of the energy producer’s stock valued at $241,000 after purchasing an additional 101 shares during the period. Strategic Blueprint LLC raised its position in ConocoPhillips by 1.3% in the fourth quarter. Strategic Blueprint LLC now owns 8,018 shares of the energy producer’s stock valued at $751,000 after purchasing an additional 101 shares during the period. Chesapeake Wealth Management raised its position in ConocoPhillips by 1.5% in the fourth quarter. Chesapeake Wealth Management now owns 7,160 shares of the energy producer’s stock valued at $670,000 after purchasing an additional 103 shares during the period. Finally, Oregon Pacific Wealth Management LLC raised its position in ConocoPhillips by 4.5% in the fourth quarter. Oregon Pacific Wealth Management LLC now owns 2,414 shares of the energy producer’s stock valued at $226,000 after purchasing an additional 104 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity

In related news, SVP Kelly Brunetti Rose sold 8,500 shares of the business’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $118.04, for a total transaction of $1,003,340.00. Following the completion of the transaction, the senior vice president directly owned 32,984 shares of the company’s stock, valued at $3,893,431.36. The trade was a 20.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ryan Michael Lance sold 506,800 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $127.26, for a total value of $64,495,368.00. Following the transaction, the chief executive officer directly owned 6,835 shares of the company’s stock, valued at $869,822.10. The trade was a 98.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 734,891 shares of company stock worth $93,345,692 over the last three months. Company insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on COP. Roth Mkm downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and set a $112.00 target price on the stock. in a research report on Tuesday, February 17th. JPMorgan Chase & Co. lifted their target price on ConocoPhillips from $98.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Scotiabank lifted their target price on ConocoPhillips from $100.00 to $125.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Argus boosted their price objective on ConocoPhillips from $128.00 to $136.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Capital One Financial cut their price objective on ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $134.60.

ConocoPhillips Price Performance

COP stock opened at $115.15 on Thursday. 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 company has a market capitalization of $140.28 billion, a PE ratio of 19.55, a P/E/G ratio of 1.31 and a beta of 0.14. ConocoPhillips has a 12-month low of $84.28 and a 12-month high of $135.87. The business’s fifty day moving average price is $123.45 and its 200 day moving average price is $108.23.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping the consensus estimate 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 period in the previous year, the firm posted $2.09 EPS. ConocoPhillips’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, sell-side analysts anticipate that ConocoPhillips will post 9.92 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 11th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, May 11th. ConocoPhillips’s payout ratio is presently 57.05%.

ConocoPhillips News Roundup

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Mizuho raised its price target on ConocoPhillips to $150 from $136 and reiterated an outperform rating, implying meaningful upside versus the current share price. Mizuho raises price target on ConocoPhillips
• Positive Sentiment: Morgan Stanley also increased its price target on COP, reinforcing the view that Wall Street sees room for more gains. ConocoPhillips price target raised by Morgan Stanley
• Positive Sentiment: Oil prices moved higher as renewed US-Iran tensions clouded the outlook for a smooth deal around the Strait of Hormuz, which can improve the revenue outlook for upstream producers like ConocoPhillips. Oil climbs as US-Iran clashes muddy outlook for peace deal
• Positive Sentiment: Analysts highlighted ConocoPhillips’ LNG strategy, including Port Arthur and Equatorial Guinea projects, as a longer-term free-cash-flow driver that could support valuation over time. ConocoPhillips LNG strategy emerges as key long-term growth driver
• Neutral Sentiment: Zacks published a value-stock writeup on COP, framing it as an attractive long-term investment, but it appears more educational than a new company-specific catalyst. Why ConocoPhillips is a top value stock for the long term
• Neutral Sentiment: Reports that ConocoPhillips may seek safeguards to return to Venezuela point to potential future upside, but the outcome remains uncertain and speculative. Exxon, ConocoPhillips seek safeguards to return to Venezuela

About ConocoPhillips

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.