ConocoPhillips (NYSE:COP) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its stake in ConocoPhillips by 28% in the 1st quarter, selling 92,979 shares, which leaves them with 238,996 shares valued at $25,099,000.
• Several institutional investors, including Price T Rowe Associates and Invesco, have significantly increased their positions in ConocoPhillips, leading to 82.36% of the stock being owned by institutional investors.
• The stock has experienced a price target range adjustment from various analysts, with ratings ranging from "buy" to "neutral" and an average target price of $121.33.

Federated Hermes Inc. lessened its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 28.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 238,996 shares of the energy producer's stock after selling 92,979 shares during the quarter. Federated Hermes Inc.'s holdings in ConocoPhillips were worth $25,099,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares during the last quarter. Elevation Point Wealth Partners LLC raised its holdings in ConocoPhillips by 83.0% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after buying an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. raised its holdings in ConocoPhillips by 159.6% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock valued at $5,125,000 after buying an additional 30,000 shares during the last quarter. ORG Wealth Partners LLC increased its position in ConocoPhillips by 853.3% during the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock valued at $698,000 after purchasing an additional 5,922 shares during the period. Finally, Hennessy Advisors Inc. increased its position in ConocoPhillips by 151.1% during the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock valued at $9,580,000 after purchasing an additional 54,900 shares during the period. Institutional investors own 82.36% of the company's stock.

Insider Activity

In other news, EVP Kirk L. Johnson acquired 5,300 shares of ConocoPhillips stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average cost of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is owned by company insiders.

ConocoPhillips Stock Down 2.7%

Shares of COP traded down $2.59 during mid-day trading on Friday, hitting $92.75. 6,348,613 shares of the company traded hands, compared to its average volume of 5,417,085. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $117.25 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67. The business has a 50 day moving average of $91.97 and a 200 day moving average of $94.07.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. The firm had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter in the prior year, the firm earned $2.05 earnings per share. Equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. ConocoPhillips's dividend payout ratio (DPR) is 39.64%.

Wall Street Analyst Weigh In

COP has been the topic of several recent analyst reports. Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Susquehanna reduced their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Bank of America dropped their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Citigroup reduced their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Finally, Barclays lowered their target price on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $121.33.

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.