ConocoPhillips $COP Shares Sold by Patten & Patten Inc. TN

Key Points

• Patten & Patten Inc. TN reduced its ConocoPhillips stake by 5.2% in the fourth quarter, selling 9,623 shares and leaving it with 176,348 shares valued at about $16.5 million.
• ConocoPhillips recently beat quarterly earnings expectations, reporting EPS of $1.89 versus the $1.72 consensus, while revenue came in slightly above estimates at $15.76 billion.
• The company declared a quarterly dividend of $0.84 per share, payable June 1, which annualizes to $3.36 and a yield of about 3.0%.

Patten & Patten Inc. TN lowered its stake in ConocoPhillips (NYSE:COP - Free Report) by 5.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 176,348 shares of the energy producer's stock after selling 9,623 shares during the quarter. ConocoPhillips comprises about 1.0% of Patten & Patten Inc. TN's portfolio, making the stock its 26th biggest holding. Patten & Patten Inc. TN's holdings in ConocoPhillips were worth $16,508,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Cloud Capital Management LLC acquired a new stake in ConocoPhillips in the third quarter worth about $26,000. Strive Asset Management LLC acquired a new stake in ConocoPhillips in the third quarter worth about $28,000. Board of the Pension Protection Fund acquired a new stake in ConocoPhillips in the fourth quarter worth about $28,000. Cedar Mountain Advisors LLC lifted its holdings in ConocoPhillips by 58.0% in the third quarter. Cedar Mountain Advisors LLC now owns 316 shares of the energy producer's stock worth $30,000 after purchasing an additional 116 shares during the period. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in ConocoPhillips in the third quarter worth about $28,000. Institutional investors and hedge funds own 82.36% of the company's stock.

Analyst Upgrades and Downgrades

COP has been the subject of a number of research analyst reports. Sanford C. Bernstein upped their price target on shares of ConocoPhillips from $98.00 to $121.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Scotiabank lifted their price objective on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Susquehanna lifted their price objective on shares of ConocoPhillips from $149.00 to $152.00 in a research note on Friday, May 1st. Royal Bank Of Canada lifted their price objective on shares of ConocoPhillips from $118.00 to $152.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 8th. Finally, Jefferies Financial Group lifted their price objective on shares of ConocoPhillips from $129.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $133.04.

Insider Buying and Selling

In other news, EVP Nicholas G. Olds sold 14,522 shares of the company's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $119.36, for a total value of $1,733,345.92. Following the transaction, the executive vice president owned 12,389 shares in the company, valued at $1,478,751.04. This represents a 53.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Brunetti Rose sold 8,500 shares of the company's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $118.04, for a total value of $1,003,340.00. Following the completion of the transaction, the senior vice president owned 32,984 shares in the company, valued at $3,893,431.36. This represents a 20.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 734,891 shares of company stock worth $93,345,692 over the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

ConocoPhillips Price Performance

COP stock opened at $113.76 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. ConocoPhillips has a one year low of $84.28 and a one year high of $135.87. The firm has a market capitalization of $138.59 billion, a PE ratio of 19.31, a P/E/G ratio of 1.61 and a beta of 0.14. The firm has a 50-day moving average of $122.69 and a two-hundred day moving average of $105.12.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion during the quarter, compared to analyst estimates of $15.62 billion. During the same period in the prior year, the firm earned $2.09 earnings per share. The business's quarterly revenue was down 6.1% on a year-over-year basis. On average, analysts forecast that ConocoPhillips will post 9.5 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 11th will be issued a $0.84 dividend. The ex-dividend date is Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. ConocoPhillips's dividend payout ratio is currently 57.05%.

ConocoPhillips News Roundup

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Norway approved ConocoPhillips’ plan to restart and redevelop long-idle oil and gas fields in the Greater Ekofisk area, a project expected to increase gas deliveries to Europe and benefit from stronger European energy security demand. Article: ConocoPhillips gets Norway's nod to restart fields, boost Europe gas supply
• Positive Sentiment: The company’s North Sea revival plan could unlock new gas volumes for Germany, the UK, and other European markets, reinforcing COP’s exposure to a potentially stronger gas pricing backdrop. Article: ConocoPhillips North Sea Revival Ties Undervalued Stock To European Gas Demand
• Neutral Sentiment: Investors are also parsing analyst questions from COP’s recent Q1 earnings call, suggesting the market is still focused on management’s guidance, capital plans, and the durability of the company’s earnings outlook. Article: The 5 most interesting analyst questions from ConocoPhillips’s Q1 earnings call
• Negative Sentiment: Freedom Capital downgraded ConocoPhillips from strong-buy to hold, which can weigh on sentiment and offset some of the optimism from the Norway project. Article: ConocoPhillips was downgraded by Freedom Capital from strong-buy to hold

ConocoPhillips Profile

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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