ConocoPhillips $COP Shares Sold by Violich Capital Management Inc.

Key Points

• Violich Capital Management cut its stake in ConocoPhillips by 23.7% in Q4 to 44,349 shares (~$4.15M), and insiders have been heavy sellers — CEO Ryan Lance sold 113,221 shares and insiders sold 734,891 shares (~$93.35M) in the past 90 days, while institutional investors still hold 82.36% of the stock.
• ConocoPhillips beat Q1 estimates with EPS of $1.89 (consensus $1.72) and revenue of $15.76B (consensus $15.62B) despite revenue falling 6.1% YoY; the company announced a $0.84 quarterly dividend (annualized $3.36, ~2.9% yield) and analysts have raised price targets, leaving an average target of $133.04 (Moderate Buy).

Violich Capital Management Inc. lessened its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 23.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,349 shares of the energy producer's stock after selling 13,785 shares during the quarter. Violich Capital Management Inc.'s holdings in ConocoPhillips were worth $4,152,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new stake in ConocoPhillips during the 3rd quarter worth $26,000. Strive Asset Management LLC acquired a new stake in ConocoPhillips during the 3rd quarter worth $28,000. Board of the Pension Protection Fund acquired a new stake in ConocoPhillips during the 4th quarter worth $28,000. Cedar Mountain Advisors LLC boosted its stake in ConocoPhillips by 58.0% during the 3rd 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 last quarter. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in ConocoPhillips during the 3rd quarter worth $28,000. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Down 3.4%

Shares of COP opened at $114.85 on Friday. The firm has a market cap of $139.92 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 1.67 and a beta of 0.14. ConocoPhillips has a 12-month low of $84.28 and a 12-month high of $135.87. The company's 50-day moving average price is $122.69 and its 200 day moving average price is $105.12. 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 (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. The firm had revenue of $15.76 billion for the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. ConocoPhillips's revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.09 EPS. On average, sell-side analysts forecast that ConocoPhillips will post 9.5 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 11th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, May 11th. ConocoPhillips's payout ratio is 57.05%.

Analysts Set New Price Targets

Several brokerages have issued reports on COP. Jefferies Financial Group lifted their target price 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. Raymond James Financial lifted their price target on ConocoPhillips from $118.00 to $145.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Susquehanna lifted their price target on ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Argus lifted their price target on ConocoPhillips from $111.00 to $128.00 and gave the stock a "strong-buy" rating in a report on Friday, February 13th. Finally, Scotiabank lifted their price target on ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, ConocoPhillips currently has an average rating of "Moderate Buy" and an average price target of $133.04.

Insider Transactions at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 113,221 shares of the business's stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total value of $15,025,558.91. Following the sale, the chief executive officer directly owned 350,000 shares in the company, valued at approximately $46,448,500. The trade was a 24.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas G. Olds sold 6,994 shares of the business's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $127.06, for a total transaction of $888,657.64. Following the completion of the sale, the executive vice president owned 5,395 shares in the company, valued at approximately $685,488.70. This trade represents a 56.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 734,891 shares of company stock worth $93,345,692 in the last 90 days. Insiders own 0.09% of the company's stock.

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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