10,267 ConocoPhillips $COP Shares Sold by Courier Capital LLC

Key Points

• Courier Capital cut its ConocoPhillips position by 62% in the third quarter, selling 10,267 shares and retaining 6,294 shares valued at approximately $788,000.
• Institutional investors and hedge funds own 82.36% of ConocoPhillips, with major holders including State Street, BlackRock and Wellington increasing their positions.
• ConocoPhillips shares rose 2.5% to $141.02, while the company reported better-than-expected earnings and maintains a quarterly dividend of $0.84 per share; analysts’ consensus rating is “Moderate Buy” with a $143.29 price target.

Courier Capital LLC lowered its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 62.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,294 shares of the energy producer's stock after selling 10,267 shares during the period. Courier Capital LLC's holdings in ConocoPhillips were worth $788,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp grew its holdings in shares of ConocoPhillips by 73.2% during the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares during the last quarter. BlackRock Inc. raised its holdings in ConocoPhillips by 3.0% in the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer's stock valued at $9,760,436,000 after buying an additional 2,712,703 shares during the last quarter. Wellington Management Group LLP raised its holdings in ConocoPhillips by 12.0% in the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer's stock valued at $1,566,901,000 after buying an additional 1,609,759 shares during the last quarter. Invesco Ltd. boosted its position in ConocoPhillips by 2.2% during the 4th quarter. Invesco Ltd. now owns 13,413,036 shares of the energy producer's stock worth $1,255,594,000 after buying an additional 290,888 shares during the period. Finally, Bank of America Corp DE acquired a new stake in ConocoPhillips during the 2nd quarter worth approximately $1,260,482,000. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Trading Up 2.5%

COP stock traded up $3.46 during trading on Tuesday, hitting $141.02. The company had a trading volume of 6,523,719 shares, compared to its average volume of 8,085,873. The business has a 50-day moving average of $130.02 and a 200-day moving average of $122.07. ConocoPhillips has a one year low of $85.57 and a one year high of $141.62. The stock has a market cap of $169.42 billion, a PE ratio of 18.65, a PEG ratio of 1.38 and a beta of 0.24. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same quarter in the prior year, the firm posted $1.42 EPS. The company's revenue for the quarter was up 32.4% compared to the same quarter last year. Research analysts predict that ConocoPhillips will post 10.84 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips's dividend payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on COP. Barclays reduced their target price on shares of ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Truist Financial raised their price target on shares of ConocoPhillips from $130.00 to $136.00 and gave the company a "hold" rating in a research note on Wednesday, October 7th. Morgan Stanley lifted their price target on shares of ConocoPhillips from $147.00 to $151.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Roth Capital raised shares of ConocoPhillips from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $124.00 to $130.00 in a research note on Monday, June 22nd. Finally, Susquehanna increased their price objective on ConocoPhillips from $155.00 to $161.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus price target of $143.29.

Insider Buying and Selling at ConocoPhillips

In other news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the sale, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.09% of the stock is currently owned by company insiders.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.

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