Corient Private Wealth LLC Has $50.24 Million Stake in ConocoPhillips $COP

Key Points

• Corient Private Wealth LLC trimmed its ConocoPhillips stake by 2% in the fourth quarter, but still held 536,286 shares valued at about $50.24 million.
• Institutional interest in ConocoPhillips remains strong, with 82.36% of the stock owned by institutional investors and hedge funds. Several firms added to positions, while the article also noted some new stakes were opened.
• Analysts remain broadly positive on COP, with an average rating of “Moderate Buy” and a consensus target price of $135.20, even as a few firms recently trimmed their price targets.

Corient Private Wealth LLC lowered its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 2.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 536,286 shares of the energy producer's stock after selling 11,039 shares during the period. Corient Private Wealth LLC's holdings in ConocoPhillips were worth $50,243,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Union Savings Bank acquired a new position in shares of ConocoPhillips in the fourth quarter valued at about $148,000. Hsbc Holdings PLC raised its stake in ConocoPhillips by 7.4% in the 4th quarter. Hsbc Holdings PLC now owns 2,992,999 shares of the energy producer's stock worth $280,192,000 after purchasing an additional 207,459 shares in the last quarter. Redwood Family Wealth LLC bought a new stake in ConocoPhillips in the 4th quarter valued at about $326,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in ConocoPhillips in the 4th quarter valued at about $25,000. Finally, Bayban acquired a new position in shares of ConocoPhillips during the 4th quarter worth approximately $42,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on COP shares. Raymond James Financial dropped their price target on shares of ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a research report on Monday, June 1st. BMO Capital Markets reduced their price target on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Jefferies Financial Group raised their price objective on ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Morgan Stanley lifted their price objective on ConocoPhillips from $149.00 to $153.00 and gave the company an "overweight" rating in a report on Thursday, May 21st. Finally, Wolfe Research upped their target price on ConocoPhillips from $138.00 to $144.00 and gave the company an "outperform" rating in a research report on Monday, April 6th. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $135.20.

Insider Activity

In other ConocoPhillips news, SVP Kelly Brunetti Rose sold 7,700 shares of the business's stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $130.03, for a total transaction of $1,001,231.00. Following the completion of the transaction, the senior vice president owned 25,284 shares of the company's stock, valued at approximately $3,287,678.52. The trade was a 23.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ryan Michael Lance sold 113,221 shares of the stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total transaction of $15,025,558.91. Following the completion of the transaction, the chief executive officer directly owned 350,000 shares of the company's stock, valued at $46,448,500. This trade represents a 24.44% decrease in their position. The SEC filing for this sale provides additional information. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $107.92 on Monday. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.87. The stock has a market capitalization of $131.48 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 1.19 and a beta of 0.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14. The company's 50 day simple moving average is $118.65 and its 200 day simple moving average is $111.39.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. During the same quarter last year, the business posted $2.09 EPS. The company's revenue was down 6.1% compared to the same quarter last year. As a group, research analysts predict that ConocoPhillips will post 10.03 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, May 11th. ConocoPhillips's payout ratio is currently 57.05%.

ConocoPhillips Company Profile

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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