ConocoPhillips $COP Stock Position Decreased by Alps Advisors Inc.

Key Points

• Alps Advisors cut its ConocoPhillips stake by 8.6% in the third quarter, selling 25,016 shares and retaining 266,400 shares valued at about $33.34 million.
• Other major institutions, including State Street and BlackRock, increased their holdings; institutional investors collectively own 82.36% of ConocoPhillips.
• ConocoPhillips beat quarterly earnings and revenue estimates, and raised its quarterly dividend from $0.84 to $0.93 per share, equivalent to a 2.7% yield.

Alps Advisors Inc. reduced its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 8.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 266,400 shares of the energy producer's stock after selling 25,016 shares during the period. Alps Advisors Inc.'s holdings in ConocoPhillips were worth $33,340,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in COP. State Street Corp raised its holdings in shares of ConocoPhillips by 73.2% in the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after buying an additional 50,116,727 shares in the last quarter. BlackRock Inc. boosted its position in shares of ConocoPhillips by 3.0% in the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer's stock valued at $9,760,436,000 after acquiring an additional 2,712,703 shares during the period. Wellington Management Group LLP grew its holdings in ConocoPhillips by 12.0% in the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer's stock worth $1,566,901,000 after acquiring an additional 1,609,759 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of ConocoPhillips by 0.7% during the first quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer's stock valued at $1,457,978,000 after acquiring an additional 74,261 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of ConocoPhillips by 10.8% during the 1st quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer's stock valued at $1,344,017,000 after buying an additional 995,392 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Stock Up 0.7%

Shares of ConocoPhillips stock opened at $136.38 on Friday. The firm's 50-day moving average is $136.92 and its two-hundred day moving average is $122.10. The stock has a market cap of $163.84 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.43 and a beta of 0.16. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a 1 year low of $85.59 and a 1 year high of $154.28.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, beating the consensus estimate of $3.05 by $0.22. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.59 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. ConocoPhillips's revenue was up 29.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.61 EPS. As a group, research analysts expect that ConocoPhillips will post 11.81 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be paid a $0.93 dividend. The ex-dividend date is Monday, November 16th. This represents a $3.72 annualized dividend and a dividend yield of 2.7%. This is a boost from ConocoPhillips's previous quarterly dividend of $0.84. ConocoPhillips's dividend payout ratio is presently 44.44%.

ConocoPhillips News Roundup

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Strong Q3 results: ConocoPhillips reported adjusted earnings of $3.27 per share, above estimates, as higher realized commodity prices helped more than double earnings year over year. Revenue also topped expectations, and operating cash flow reached $7.2 billion. Article: ConocoPhillips Q3 Earnings Beat Estimates on Higher Commodity Prices
• Positive Sentiment: Higher shareholder payout and cash-flow ambitions: The company increased its quarterly dividend about 11%, to $0.93 per share. Management also reiterated a plan for roughly $7 billion in additional free cash flow by 2029, supported by lower capital spending, production growth and shareholder returns. Article: Is ConocoPhillips a Buy After Its Latest Earnings Report?
• Positive Sentiment: Willow project progress: The Alaska project is approaching a key milestone, with drilling targeted for 2027, supporting the company’s future production outlook. Article: ConocoPhillips eyes Willow drilling in 2027 as Alaska project reaches key milestone
• Neutral Sentiment: Analyst view remains favorable, but one target was trimmed: Wells Fargo lowered its price target from $189 to $185 while retaining an Overweight rating. Article: Wells Fargo recommendations
• Negative Sentiment: Production and price sensitivity: Output declined in the quarter, even as higher oil prices boosted results. That leaves earnings and cash returns exposed if commodity prices retreat. ETFs were also net sellers of about $22.9 million of COP shares on Nov. 4, a modest near-term pressure. Article: ETFs Are Net Sellers of ConocoPhillips

Analyst Ratings Changes

Several research firms have recently issued reports on COP. Truist Financial increased their target price on shares of ConocoPhillips from $130.00 to $136.00 and gave the stock a "hold" rating in a research note on Wednesday, October 7th. Jefferies Financial Group upped their target price on shares of ConocoPhillips from $159.00 to $174.00 and gave the company a "buy" rating in a research note on Tuesday, October 6th. Freedom Capital upgraded shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Piper Sandler assumed coverage on shares of ConocoPhillips in a research report on Tuesday, October 27th. They set a "neutral" rating and a $157.00 target price on the stock. Finally, Barclays cut their price objective on ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $145.04.

ConocoPhillips Profile

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.