ConocoPhillips $COP Stock Position Reduced by Yacktman Asset Management LP

Key Points

• Yacktman Asset Management trimmed its ConocoPhillips stake by 2.4% in the fourth quarter, though COP still represented 2.0% of the fund’s portfolio and remained its 19th-largest holding.
• Insider selling has been notable, including share sales by SVP Heather G. Hrap and CEO Ryan Michael Lance, with insiders selling 734,891 shares worth about $93.3 million last quarter.
• ConocoPhillips reported better-than-expected Q1 results, beating EPS and revenue estimates, and it also declared a quarterly dividend of $0.84 per share, implying a 3.0% annualized yield.

Yacktman Asset Management LP lessened its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,549,903 shares of the energy producer's stock after selling 37,840 shares during the period. ConocoPhillips comprises 2.0% of Yacktman Asset Management LP's portfolio, making the stock its 19th largest position. Yacktman Asset Management LP owned 0.13% of ConocoPhillips worth $145,086,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Wedge Capital Management L L P NC lifted its holdings in ConocoPhillips by 4.1% during the 4th quarter. Wedge Capital Management L L P NC now owns 2,570 shares of the energy producer's stock worth $241,000 after buying an additional 101 shares during the last quarter. Strategic Blueprint LLC lifted its holdings in ConocoPhillips by 1.3% during the 4th quarter. Strategic Blueprint LLC now owns 8,018 shares of the energy producer's stock worth $751,000 after buying an additional 101 shares during the last quarter. Chesapeake Wealth Management lifted its holdings in ConocoPhillips by 1.5% during the 4th quarter. Chesapeake Wealth Management now owns 7,160 shares of the energy producer's stock worth $670,000 after buying an additional 103 shares during the last quarter. Oregon Pacific Wealth Management LLC lifted its holdings in ConocoPhillips by 4.5% during the 4th quarter. Oregon Pacific Wealth Management LLC now owns 2,414 shares of the energy producer's stock worth $226,000 after buying an additional 104 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. lifted its holdings in ConocoPhillips by 5.1% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 2,231 shares of the energy producer's stock worth $209,000 after buying an additional 109 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

Insider Transactions at ConocoPhillips

In related news, SVP Heather G. Hrap sold 2,654 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $119.68, for a total value of $317,630.72. Following the sale, the senior vice president directly owned 5,663 shares in the company, valued at $677,747.84. This trade represents a 31.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ryan Michael Lance sold 113,221 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 350,000 shares in the company, valued at approximately $46,448,500. This represents a 24.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 734,891 shares of company stock worth $93,345,692 over the last quarter. Insiders own 0.09% of the company's stock.

ConocoPhillips Trading Down 1.0%

Shares of NYSE COP opened at $113.76 on Friday. The company has a market cap of $138.59 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 1.61 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 has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The stock's 50 day simple moving average is $122.69 and its 200 day simple moving average is $105.12.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. The business had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The business's revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the business posted $2.09 EPS. Equities research analysts expect that ConocoPhillips will post 9.5 EPS for the current year.

ConocoPhillips Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on COP shares. UBS Group increased their target price on ConocoPhillips from $130.00 to $144.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Susquehanna increased their target price on ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Truist Financial set a $128.00 price target on ConocoPhillips in a report on Friday, May 1st. Mizuho raised their price target on ConocoPhillips from $121.00 to $136.00 and gave the stock an "outperform" rating in a report on Tuesday, March 17th. Finally, Bank of America reissued an "underperform" rating and issued a $102.00 price target on shares of ConocoPhillips in a report on Friday, January 16th. 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 data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $133.04.

Key ConocoPhillips News

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

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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