ConocoPhillips $COP Shares Sold by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC reduced its stake in ConocoPhillips by 2.6%, selling 3,646 shares during the 1st quarter, leaving them with 136,582 shares valued at approximately $14.34 million.
• ConocoPhillips experienced various changes in analyst ratings, with a recent upgrade in price targets from firms like UBS Group and Scotiabank, while maintaining a Moderate Buy rating on average.
• The company reported earnings of $1.42 per share for the recent quarter, exceeding analysts' expectations, and also announced a quarterly dividend of $0.78 per share, reflecting a 3.1% dividend yield.

First Manhattan CO. LLC. trimmed its stake in ConocoPhillips (NYSE:COP - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,582 shares of the energy producer's stock after selling 3,646 shares during the period. First Manhattan CO. LLC.'s holdings in ConocoPhillips were worth $14,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC boosted its position in ConocoPhillips by 83.0% in 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 period. Schwartz Investment Counsel Inc. boosted its position in ConocoPhillips by 159.6% in 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 period. Aberdeen Group plc boosted its position in ConocoPhillips by 49.3% in the 1st quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer's stock valued at $83,969,000 after buying an additional 264,726 shares during the period. ORG Wealth Partners LLC lifted its position in shares of ConocoPhillips by 853.3% in the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after purchasing an additional 5,922 shares during the period. Finally, Hennessy Advisors Inc. lifted its position in shares of ConocoPhillips by 151.1% in the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after purchasing an additional 54,900 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 2.9%

Shares of NYSE COP traded down $2.80 during trading hours on Friday, hitting $92.97. 8,509,766 shares of the stock were exchanged, compared to its average volume of 6,192,091. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company has a market cap of $116.12 billion, a PE ratio of 12.48, a PEG ratio of 2.50 and a beta of 0.69. The firm has a fifty day moving average price of $94.76 and a 200-day moving average price of $93.19. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.98 EPS. On average, sell-side analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. ConocoPhillips's dividend payout ratio is presently 41.88%.

Insider Transactions at ConocoPhillips

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Roth Capital reaffirmed a "buy" rating on shares of ConocoPhillips in a research report on Wednesday. Piper Sandler upped their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Raymond James Financial upped their price target on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Finally, Mizuho lowered their price target on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.95.

ConocoPhillips Company 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.