Allstate Corp Sells 19,430 Shares of ConocoPhillips $COP

Key Points

• Allstate Corp reduced its stake in ConocoPhillips by 50% in Q1, selling 19,430 shares, bringing its total holdings to 19,400 shares valued at approximately $2,037,000.
• Several hedge funds, such as RPG Investment Advisory LLC and Ameriprise Financial Inc., increased their positions in ConocoPhillips, highlighting ongoing institutional interest in the company.
• ConocoPhillips announced a quarterly dividend of $0.78, with a 3.2% dividend yield, set to be paid on September 2nd to investors of record on August 18th.

Allstate Corp lessened its holdings in ConocoPhillips (NYSE:COP - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,400 shares of the energy producer's stock after selling 19,430 shares during the period. Allstate Corp's holdings in ConocoPhillips were worth $2,037,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. RPG Investment Advisory LLC lifted its position in shares of ConocoPhillips by 98.9% in the first quarter. RPG Investment Advisory LLC now owns 171,418 shares of the energy producer's stock worth $18,002,000 after buying an additional 85,234 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its stake in shares of ConocoPhillips by 15.3% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 106,076 shares of the energy producer's stock valued at $11,140,000 after acquiring an additional 14,115 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in ConocoPhillips by 15.1% in the 1st quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer's stock worth $861,490,000 after purchasing an additional 1,073,906 shares during the last quarter. Bragg Financial Advisors Inc boosted its position in ConocoPhillips by 0.3% during the first quarter. Bragg Financial Advisors Inc now owns 95,588 shares of the energy producer's stock worth $10,039,000 after purchasing an additional 270 shares during the period. Finally, Norinchukin Bank The grew its holdings in ConocoPhillips by 17.5% during the first quarter. Norinchukin Bank The now owns 82,839 shares of the energy producer's stock valued at $8,700,000 after purchasing an additional 12,365 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Roth Capital restated a "buy" rating and issued a $108.00 price objective on shares of ConocoPhillips in a research note on Thursday, August 7th. Bank of America dropped their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Piper Sandler upped their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a report on Monday. Mizuho lowered their price target on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $120.95.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the purchase, the executive vice president directly owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Stock Up 1.9%

NYSE COP opened at $96.6240 on Friday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The stock has a market cap of $120.68 billion, a PE ratio of 12.97, a PEG ratio of 2.48 and a beta of 0.67. The firm has a 50-day simple moving average of $93.80 and a 200 day simple moving average of $93.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same period in the previous year, the company posted $1.98 earnings per share. The company's quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

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.

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