Corebridge Financial Inc. Has $29.89 Million Position in ConocoPhillips $COP

Key Points

• Corebridge Financial Inc. reduced its stake in ConocoPhillips by 4.3%, holding 284,563 shares valued at approximately $29.89 million after selling 12,737 shares in the first quarter.
• ConocoPhillips' stock price is currently at $96.6240, with a market cap of $120.68 billion and a P/E ratio of 12.97; analysts predict an average EPS of 8.16 for the fiscal year.
• The company announced a quarterly dividend of $0.78, yielding approximately 3.2%, which is set to be paid on September 2nd, 2023.

Corebridge Financial Inc. reduced its stake in ConocoPhillips (NYSE:COP - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 284,563 shares of the energy producer's stock after selling 12,737 shares during the period. Corebridge Financial Inc.'s holdings in ConocoPhillips were worth $29,885,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Second Line Capital LLC boosted its position 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 worth $495,000 after buying an additional 108 shares during the period. Meiji Yasuda Life Insurance Co boosted its position 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 worth $703,000 after buying an additional 110 shares during the period. LRI Investments LLC boosted 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 worth $316,000 after buying an additional 110 shares during the period. KLCM Advisors Inc. boosted 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 worth $473,000 after buying an additional 115 shares during the period. Finally, Deseret Mutual Benefit Administrators boosted 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 worth $334,000 after buying an additional 118 shares during the period. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

Shares of NYSE COP traded up $0.61 during trading on Friday, hitting $99.06. The company had a trading volume of 4,593,485 shares, compared to its average volume of 8,017,167. The company has a market cap of $123.72 billion, a P/E ratio of 13.30, a PEG ratio of 2.56 and a beta of 0.67. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The business's 50-day moving average is $94.07 and its 200 day moving average is $93.24. 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 posted 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 company had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter in the prior year, the company earned $1.98 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. Equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's payout ratio is 41.88%.

Insider Transactions at ConocoPhillips

In other news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.24% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Piper Sandler boosted their price objective on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Scotiabank upped their target price on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Raymond James Financial upped their target price on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Wall Street Zen downgraded ConocoPhillips from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Finally, Morgan Stanley restated an "overweight" rating and issued a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $120.95.

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.