Hodges Capital Management Inc. Reduces Stock Position in ConocoPhillips $COP

Key Points

• Hodges Capital Management Inc. reduced its stake in ConocoPhillips by 60.1%, now holding 4,959 shares valued at $521,000 after selling 7,467 shares during the first quarter.
• ConocoPhillips reported a quarterly earnings of $1.42 EPS, surpassing estimates and reflecting a 4.3% year-over-year revenue increase.
• Insider transactions include EVP Kirk L. Johnson, who bought 5,300 shares at $94.24, boosting his ownership by 57.44%.

Hodges Capital Management Inc. cut its stake in ConocoPhillips (NYSE:COP - Free Report) by 60.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,959 shares of the energy producer's stock after selling 7,467 shares during the period. Hodges Capital Management Inc.'s holdings in ConocoPhillips were worth $521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. 10Elms LLP purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC lifted its holdings in ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Stone House Investment Management LLC acquired a new position in ConocoPhillips in the first quarter valued at approximately $31,000. Garde Capital Inc. acquired a new position in ConocoPhillips in the first quarter valued at approximately $35,000. Finally, IMA Advisory Services Inc. acquired a new position in ConocoPhillips in the first quarter valued at approximately $37,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the purchase, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.24% of the company's stock.

ConocoPhillips Stock Down 1.6%

Shares of NYSE COP opened at $92.60 on Friday. The stock has a market cap of $115.65 billion, a P/E ratio of 12.43, a PEG ratio of 2.48 and a beta of 0.69. The business's fifty day simple moving average is $94.75 and its 200-day simple moving average is $92.98. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. 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 earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 earnings per share. As a group, equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders 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 annualized dividend and a dividend yield of 3.4%. ConocoPhillips's dividend payout ratio is 41.88%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Piper Sandler upped their price objective on ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Citigroup decreased their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Wells Fargo & Company reiterated an "overweight" rating and issued a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Finally, UBS Group upped their price objective on ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Sixteen equities 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $120.86.

About ConocoPhillips

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.

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