BI Asset Management Fondsmaeglerselskab A S Sells 23,994 Shares of ConocoPhillips $COP

Key Points

• BI Asset Management Fondsmaeglerselskab A S has reduced its stake in ConocoPhillips by 35.5%, selling 23,994 shares and owning 43,665 shares worth approximately $4.59 million as of the latest SEC filing.
• ConocoPhillips reported $1.42 EPS for the quarter, exceeding estimates, with a net revenue of $14.94 billion, reflecting an increase of 4.3% compared to the previous year.
• The energy company declared a quarterly dividend of $0.78 per share, resulting in an annualized yield of 3.3%, with the payment date set for September 2nd.

BI Asset Management Fondsmaeglerselskab A S trimmed its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 35.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,665 shares of the energy producer's stock after selling 23,994 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in ConocoPhillips were worth $4,586,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Second Line Capital LLC raised its stake in shares of ConocoPhillips by 2.2% during the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer's stock valued at $495,000 after acquiring an additional 108 shares during the last quarter. Meiji Yasuda Life Insurance Co grew its holdings in shares of ConocoPhillips by 1.6% during the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer's stock valued at $703,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC increased its position in shares of ConocoPhillips by 3.6% during the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer's stock valued at $316,000 after acquiring an additional 110 shares in the last quarter. KLCM Advisors Inc. increased its position in shares of ConocoPhillips by 2.6% during the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer's stock valued at $473,000 after acquiring an additional 115 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators increased its position in shares of ConocoPhillips by 3.9% during the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer's stock valued at $334,000 after acquiring an additional 118 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ConocoPhillips

In other news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the transaction, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.24% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on COP shares. Piper Sandler raised their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Susquehanna dropped their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. UBS Group lifted their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research note on Wednesday. Morgan Stanley reiterated an "overweight" rating and set a $123.00 price target (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Finally, Raymond James Financial lifted their price target on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average price target of $120.95.

ConocoPhillips Trading Up 1.9%

NYSE:COP traded up $1.8440 during mid-day trading on Friday, hitting $96.6240. The company had a trading volume of 6,338,392 shares, compared to its average volume of 6,789,525. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The business's fifty day moving average is $93.80 and its two-hundred day moving average is $93.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The firm has a market cap of $120.68 billion, a P/E ratio of 12.97, a P/E/G ratio of 2.53 and a beta of 0.67.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.06. The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.98 earnings per share. As a group, research analysts expect that ConocoPhillips will post 8.16 earnings per share 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 given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

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.