Portfolio Design Labs LLC Reduces Stock Position in ConocoPhillips (NYSE:COP)

Portfolio Design Labs LLC lowered its position in shares of ConocoPhillips (NYSE:COP) by 1.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 31,444 shares of the energy producer’s stock after selling 359 shares during the quarter. Portfolio Design Labs LLC’s holdings in ConocoPhillips were worth $3,118,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in COP. AMF Tjanstepension AB boosted its position in ConocoPhillips by 4.7% during the 3rd quarter. AMF Tjanstepension AB now owns 1,163,724 shares of the energy producer’s stock valued at $122,628,000 after buying an additional 52,334 shares during the period. ORG Wealth Partners LLC bought a new position in ConocoPhillips in the 3rd quarter worth $73,000. Novare Capital Management LLC raised its holdings in ConocoPhillips by 14.0% in the 3rd quarter. Novare Capital Management LLC now owns 4,487 shares of the energy producer’s stock worth $472,000 after purchasing an additional 550 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in ConocoPhillips by 7.4% in the 3rd quarter. Wedge Capital Management L L P NC now owns 2,168 shares of the energy producer’s stock worth $228,000 after purchasing an additional 150 shares in the last quarter. Finally, CX Institutional raised its holdings in ConocoPhillips by 4.3% in the 3rd quarter. CX Institutional now owns 53,547 shares of the energy producer’s stock worth $5,637,000 after purchasing an additional 2,206 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Up 2.3 %

Shares of ConocoPhillips stock opened at $101.72 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.16 and a current ratio of 1.29. The stock has a market capitalization of $117.08 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 0.77 and a beta of 1.18. ConocoPhillips has a 52-week low of $94.23 and a 52-week high of $135.18. The company has a 50-day simple moving average of $100.91 and a two-hundred day simple moving average of $106.03.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, analysts anticipate that ConocoPhillips will post 8.3 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 17th will be issued a $0.78 dividend. The ex-dividend date is Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 3.07%. ConocoPhillips’s dividend payout ratio (DPR) is presently 40.05%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Truist Financial upped their price objective on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Piper Sandler decreased their price objective on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Mizuho upgraded shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $132.00 to $134.00 in a report on Monday, December 16th. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $120.00 to $123.00 in a report on Thursday, December 5th. Finally, TD Cowen started coverage on shares of ConocoPhillips in a report on Friday, January 17th. They issued a “buy” rating and a $125.00 price objective for the company. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $133.72.

Insider Transactions at ConocoPhillips

In related news, Director Arjun N. Murti purchased 2,500 shares of ConocoPhillips stock in a transaction dated Friday, December 20th. The stock was purchased at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the completion of the purchase, the director now directly owns 21,500 shares of the company’s stock, valued at $2,061,205. The trade was a 13.16 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director R A. Walker purchased 10,400 shares of ConocoPhillips stock in a transaction dated Tuesday, December 17th. The stock was bought at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the completion of the purchase, the director now directly owns 38,000 shares of the company’s stock, valued at approximately $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

ConocoPhillips 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.