ConocoPhillips (NYSE:COP) Position Trimmed by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 31.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 18,248 shares of the energy producer’s stock after selling 8,199 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in ConocoPhillips were worth $1,810,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in COP. One Capital Management LLC lifted its position in ConocoPhillips by 20.6% in the 2nd quarter. One Capital Management LLC now owns 2,526 shares of the energy producer’s stock worth $289,000 after buying an additional 431 shares in the last quarter. Edgestream Partners L.P. raised its holdings in shares of ConocoPhillips by 444.8% during the second quarter. Edgestream Partners L.P. now owns 13,484 shares of the energy producer’s stock worth $1,542,000 after acquiring an additional 11,009 shares in the last quarter. Plancorp LLC boosted its position in ConocoPhillips by 7.2% during the second quarter. Plancorp LLC now owns 4,339 shares of the energy producer’s stock valued at $496,000 after purchasing an additional 291 shares during the last quarter. Mutual of America Capital Management LLC grew its stake in ConocoPhillips by 7.7% in the second quarter. Mutual of America Capital Management LLC now owns 179,914 shares of the energy producer’s stock valued at $20,579,000 after purchasing an additional 12,798 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT increased its position in ConocoPhillips by 0.6% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 611,035 shares of the energy producer’s stock worth $69,890,000 after purchasing an additional 3,944 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COP has been the subject of several research reports. JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $120.00 to $123.00 in a report on Thursday, December 5th. Truist Financial lifted their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday. BMO Capital Markets increased their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Scotiabank reduced their price objective on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Finally, Morgan Stanley started coverage on ConocoPhillips in a report on Monday, December 16th. They set an “overweight” rating and a $128.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips has a consensus rating of “Buy” and an average price target of $136.65.

Insider Activity

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

ConocoPhillips Price Performance

NYSE:COP opened at $105.45 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock has a market cap of $121.36 billion, a P/E ratio of 12.54, a PEG ratio of 0.83 and a beta of 1.19. The company has a fifty day moving average price of $104.21 and a 200 day moving average price of $107.56. ConocoPhillips has a one year low of $94.23 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter last year, the company earned $2.16 earnings per share. The firm’s revenue was down 8.5% on a year-over-year basis. Analysts anticipate that ConocoPhillips will post 7.77 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed 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 2.96%. The ex-dividend date of this dividend was Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is presently 37.10%.

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.