Allspring Global Investments Holdings LLC Acquires 28,267 Shares of ConocoPhillips $COP

Key Points

• Allspring Global Investments increased its ConocoPhillips stake by 3.5%, buying 28,267 shares in the third quarter to hold 840,683 shares valued at about $106.8 million. Institutional investors collectively own 82.36% of the stock.
• ConocoPhillips beat quarterly earnings and revenue expectations, reporting EPS of $3.27 and revenue of $19.43 billion; revenue rose 29.2% year over year. The company also raised its quarterly dividend from $0.84 to $0.93 per share.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and average price target of $145.29, though some commentary cautions that the stock’s rally has left it trading at a premium.

Allspring Global Investments Holdings LLC grew its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 3.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 840,683 shares of the energy producer's stock after buying an additional 28,267 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of ConocoPhillips worth $106,817,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bfsg LLC increased its stake in ConocoPhillips by 34.8% in the 3rd quarter. Bfsg LLC now owns 302 shares of the energy producer's stock worth $38,000 after purchasing an additional 78 shares during the period. Warwick Investment Management Inc. grew its stake in shares of ConocoPhillips by 2.1% in the third quarter. Warwick Investment Management Inc. now owns 4,066 shares of the energy producer's stock worth $509,000 after purchasing an additional 82 shares during the last quarter. IFC Advisors LLC increased its holdings in ConocoPhillips by 0.4% during the 1st quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer's stock valued at $2,664,000 after purchasing an additional 84 shares during the period. Kennebec Savings Bank increased its holdings in ConocoPhillips by 1.3% during the 3rd quarter. Kennebec Savings Bank now owns 6,828 shares of the energy producer's stock valued at $855,000 after purchasing an additional 85 shares during the period. Finally, Cornerstone Planning Group LLC raised its position in ConocoPhillips by 9.6% during the 1st quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer's stock valued at $124,000 after purchasing an additional 88 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips’ low-cost assets, LNG expansion and Willow project support its growth outlook. One analysis also noted the stock had rallied 54.4% this year, though it cautioned that this strength has left COP trading at a premium. ConocoPhillips Trades at a Premium: Is It the Right Time to Buy?
• Neutral Sentiment: Truist raised its price target from $136 to $142 but maintained a Hold rating, indicating measured rather than strong optimism. Truist Financial price target update
• Negative Sentiment: Valuation is a concern after COP’s substantial rally, which could limit near-term upside if investors view the shares as expensive. Zacks valuation analysis
• Negative Sentiment: Wells Fargo cut its price target, while a separate Seeking Alpha article flagged a rating downgrade, adding to the cautious analyst outlook. The provided reports did not specify the revised Wells Fargo target. Wells Fargo price target cut Seeking Alpha rating downgrade

ConocoPhillips Stock Down 1.2%

ConocoPhillips stock opened at $134.60 on Tuesday. The firm has a market cap of $161.70 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 1.29 and a beta of 0.16. The stock has a fifty day simple moving average of $137.00 and a two-hundred day simple moving average of $122.29. ConocoPhillips has a 12 month low of $85.70 and a 12 month high of $154.28. 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 posted its quarterly earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, topping the consensus estimate of $3.05 by $0.22. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The firm had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.59 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. The company's revenue was up 29.2% on a year-over-year basis. Equities analysts predict that ConocoPhillips will post 11.84 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be paid a dividend of $0.93 per share. The ex-dividend date is Monday, November 16th. This represents a $3.72 dividend on an annualized basis and a yield of 2.8%. This is a boost from ConocoPhillips's previous quarterly dividend of $0.84. ConocoPhillips's dividend payout ratio (DPR) is presently 35.29%.

Insider Activity

In other news, SVP Andrew Lundquist sold 9,487 shares of the company's stock in a transaction dated 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 owned 9,593 shares of the company's stock, valued at $1,296,493.95. This represents a 49.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Truist Financial lifted their price target on shares of ConocoPhillips from $136.00 to $142.00 and gave the company a "hold" rating in a report on Monday. Seaport Research Partners assumed coverage on shares of ConocoPhillips in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Wall Street Zen raised shares of ConocoPhillips from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Zacks Research upgraded shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Finally, William Blair started coverage on shares of ConocoPhillips in a report on Wednesday, October 28th. They set a "market perform" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ConocoPhillips currently has an average rating of "Moderate Buy" and an average target price of $145.29.

ConocoPhillips Profile

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.

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