ConocoPhillips $COP Holdings Lowered by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates cut its ConocoPhillips stake by 13.2% in the fourth quarter, leaving it with 144,911 shares valued at about $13.6 million.
• ConocoPhillips shares were trading down about 3% at $107.92, below both the 50-day and 200-day moving averages, even as the company remained a large-cap energy name with a market value of $131.48 billion.
• The company beat quarterly earnings expectations with $1.89 EPS versus the $1.72 estimate and continued to pay a $0.84 quarterly dividend, equal to a 3.1% annual yield.

Sit Investment Associates Inc. decreased its stake in ConocoPhillips (NYSE:COP - Free Report) by 13.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 144,911 shares of the energy producer's stock after selling 22,070 shares during the quarter. Sit Investment Associates Inc.'s holdings in ConocoPhillips were worth $13,565,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of COP. KERR FINANCIAL PLANNING Corp purchased a new stake in ConocoPhillips during the third quarter valued at about $28,000. Board of the Pension Protection Fund purchased a new position in shares of ConocoPhillips in the fourth quarter worth approximately $28,000. Strive Asset Management LLC acquired a new stake in shares of ConocoPhillips during the third quarter valued at approximately $28,000. BNP Paribas acquired a new stake in shares of ConocoPhillips during the second quarter valued at approximately $33,000. Finally, Optima Capital LLC purchased a new stake in shares of ConocoPhillips in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Down 3.0%

Shares of NYSE:COP opened at $107.92 on Friday. The firm has a fifty day moving average of $118.99 and a two-hundred day moving average of $111.27. The firm has a market capitalization of $131.48 billion, a P/E ratio of 18.32, a price-to-earnings-growth ratio of 1.23 and a beta of 0.11. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $135.87. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, beating the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business had revenue of $15.76 billion for the quarter, compared to analysts' expectations of $15.62 billion. During the same period in the previous year, the company posted $2.09 EPS. ConocoPhillips's revenue was down 6.1% on a year-over-year basis. On average, equities analysts expect that ConocoPhillips will post 10.03 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. ConocoPhillips's payout ratio is 57.05%.

Analysts Set New Price Targets

Several research firms have weighed in on COP. Truist Financial set a $128.00 price objective on shares of ConocoPhillips in a research report on Friday, May 1st. Freedom Capital cut ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Royal Bank Of Canada upped their price target on ConocoPhillips from $118.00 to $152.00 and gave the company an "outperform" rating in a research report on Wednesday, April 8th. Scotiabank increased their price objective on ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Finally, BMO Capital Markets decreased their price objective on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Seventeen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $134.48.

Insider Buying and Selling at ConocoPhillips

In other news, SVP Kelly Brunetti Rose sold 7,700 shares of ConocoPhillips stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $130.03, for a total transaction of $1,001,231.00. Following the completion of the sale, the senior vice president directly owned 25,284 shares in the company, valued at $3,287,678.52. The trade was a 23.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas G. Olds sold 6,994 shares of the business's stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $127.06, for a total value of $888,657.64. Following the completion of the sale, the executive vice president directly owned 5,395 shares of the company's stock, valued at approximately $685,488.70. The trade was a 56.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 127,915 shares of company stock worth $16,915,448 over the last 90 days. 0.09% of the stock is currently owned by corporate insiders.

More ConocoPhillips News

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips is advancing new upstream opportunities, including a reported gas development agreement in Syria and participation in offshore Block 3 exploration with TotalEnergies, QatarEnergy, and the Syrian Petroleum Company, which could add longer-term growth potential. ConocoPhillips (COP) Joins TotalEnergies And QatarEnergy For Mediterranean Block 3 Exploration
• Positive Sentiment: Analyst coverage remains constructive, with Morgan Stanley maintaining an Overweight rating and recent price targets generally above the current share price, suggesting Wall Street still sees upside. ConocoPhillips (COP) Stock Slides as Market Rises: Facts to Know Before You Trade
• Neutral Sentiment: Reports suggest ConocoPhillips remains focused on upstream production, reinforcing its core strategy, but this is not a near-term stock-moving catalyst by itself. ConocoPhillips Keeps Focus On Upstream Production
• Neutral Sentiment: Market commentary notes COP has been trading below some fair-value estimates after its recent decline, which may interest value investors but does not change the macro pressure on energy shares. A Look at ConocoPhillips (COP) After 3.1% Decline -- GF Value $109.98 vs Price $107.74
• Negative Sentiment: Oil prices have fallen, and sector-wide weakness is dragging ConocoPhillips lower despite no major company-specific negative announcement, limiting near-term sentiment for the stock. ConocoPhillips Slides as Crude Prices Retreat and No New Company-Specific Catalyst Emerges

About ConocoPhillips

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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