Hamlin Capital Management LLC Sells 44,388 Shares of ConocoPhillips $COP

Key Points

• Hamlin Capital Management reduced its ConocoPhillips stake by 3% in the second quarter, selling 44,388 shares and retaining 1.45 million shares valued at approximately $150.9 million.
• Institutional ownership remains high at 82.36%, with several other investors increasing their positions or initiating new stakes during the quarter.
• Analysts maintain a generally positive outlook, with an overall “Moderate Buy” rating and a consensus price target of $134.16, compared with the stock’s opening price of $115.03.

Hamlin Capital Management LLC lessened its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 3.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,451,322 shares of the energy producer's stock after selling 44,388 shares during the period. ConocoPhillips accounts for about 3.4% of Hamlin Capital Management LLC's investment portfolio, making the stock its 16th biggest holding. Hamlin Capital Management LLC owned approximately 0.12% of ConocoPhillips worth $150,879,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of ConocoPhillips by 5.4% in the second quarter. GAMMA Investing LLC now owns 46,042 shares of the energy producer's stock worth $4,787,000 after buying an additional 2,374 shares in the last quarter. Harbor Investment Advisory LLC grew its stake in ConocoPhillips by 48.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,527 shares of the energy producer's stock worth $263,000 after acquiring an additional 820 shares in the last quarter. Canandaigua National Bank & Trust Co. purchased a new position in ConocoPhillips during the 2nd quarter worth $2,451,000. Pacific Excel Wealth Advisors Inc. purchased a new position in ConocoPhillips during the second quarter valued at approximately $212,000. Finally, Stableford Capital II LLC raised its position in shares of ConocoPhillips by 33.2% in the 2nd quarter. Stableford Capital II LLC now owns 9,027 shares of the energy producer's stock worth $938,000 after acquiring an additional 2,250 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Mizuho dropped their price target on ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 7th. Piper Sandler lifted their price objective on ConocoPhillips from $154.00 to $157.00 and gave the stock an "overweight" rating in a report on Wednesday, April 8th. Jefferies Financial Group raised their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Roth Capital raised shares of ConocoPhillips from a "neutral" rating to a "buy" rating and increased their price target for the company from $124.00 to $130.00 in a research note on Monday, June 22nd. Finally, Morgan Stanley dropped their target price on shares of ConocoPhillips from $153.00 to $146.00 and set an "overweight" rating for the company in a report on Friday, June 26th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $134.16.

ConocoPhillips Stock Performance

NYSE:COP opened at $115.03 on Thursday. 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 firm has a market cap of $140.14 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 1.42 and a beta of 0.11. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The firm's fifty day moving average price is $112.98 and its 200 day moving average price is $115.46.

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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