Intrust Bank NA Sells 27,453 Shares of ConocoPhillips $COP

Key Points

• Intrust Bank NA cut its ConocoPhillips stake by 49.1% in the fourth quarter, selling 27,453 shares and leaving it with 28,419 shares valued at about $2.66 million.
• Insiders also sold heavily, including CEO Ryan Michael Lance, who sold 113,221 shares in late March; company insiders sold 734,891 shares worth about $93.3 million over the last quarter.
• Analysts remain mostly positive on COP, with a consensus rating of “Moderate Buy” and an average target price of $133.12, while the company also reported better-than-expected quarterly EPS and revenue and announced a $0.84 quarterly dividend.

Intrust Bank NA reduced its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 49.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,419 shares of the energy producer's stock after selling 27,453 shares during the period. Intrust Bank NA's holdings in ConocoPhillips were worth $2,660,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of COP. Cloud Capital Management LLC bought a new position in ConocoPhillips during the third quarter valued at about $26,000. KERR FINANCIAL PLANNING Corp bought a new position in ConocoPhillips during the third quarter valued at about $28,000. Board of the Pension Protection Fund bought a new position in ConocoPhillips during the fourth quarter valued at about $28,000. Strive Asset Management LLC bought a new position in ConocoPhillips during the third quarter valued at about $28,000. Finally, BNP Paribas bought a new position in ConocoPhillips during the second quarter valued at about $33,000. 82.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 113,221 shares of ConocoPhillips 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Andrew D. Lundquist sold 34,500 shares of ConocoPhillips stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $119.68, for a total value of $4,128,960.00. Following the sale, the senior vice president directly owned 17,469 shares in the company, valued at approximately $2,090,689.92. This trade represents a 66.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 734,891 shares of company stock valued at $93,345,692 over the last quarter. Company insiders own 0.09% of the company's stock.

Analyst Ratings Changes

COP has been the topic of several recent research reports. Jefferies Financial Group raised their target price on ConocoPhillips from $160.00 to $161.00 and gave the company a "buy" rating in a report on Monday. Freedom Capital downgraded ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Truist Financial set a $128.00 price target on ConocoPhillips in a research report on Friday, May 1st. Wells Fargo & Company raised their price target on ConocoPhillips from $132.00 to $133.00 and gave the company an "overweight" rating in a research report on Friday, February 6th. Finally, Barclays raised their price target on ConocoPhillips from $128.00 to $136.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips has a consensus rating of "Moderate Buy" and a consensus target price of $133.12.

Key ConocoPhillips News

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips’ long-term gas supply agreement for the Alaska LNG project adds durable volume visibility and reinforces the company’s role in a large-scale energy infrastructure project. Glenfarne, ConocoPhillips Sign North Slope Gas Sales Precedent Agreement for Alaska LNG
• Positive Sentiment: Reuters reported that the Alaska LNG project now has enough supply commitments to support a final investment decision for Phase One, which reduces project uncertainty and could improve sentiment toward COP. Alaska LNG secures supply deal with ConocoPhillips for pipeline project
• Positive Sentiment: Jefferies raised its price target on ConocoPhillips to $161 and reiterated a Buy rating, signaling continued Wall Street confidence in the stock’s upside. Jefferies adjusts price target on ConocoPhillips
• Positive Sentiment: Articles highlighting rising earnings estimates and momentum-stock characteristics suggest analysts see improving near-term fundamentals, which can support the shares. Earnings Estimates Rising for ConocoPhillips (COP): Will It Gain?

ConocoPhillips Trading Up 0.5%

Shares of NYSE:COP opened at $125.16 on Wednesday. The company has a market cap of $152.49 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.44 and a beta of 0.14. The stock's 50-day moving average is $123.37 and its 200-day moving average is $106.90. ConocoPhillips has a 52-week low of $84.28 and a 52-week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm's revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business posted $2.09 earnings per share. Equities research analysts predict that ConocoPhillips will post 9.63 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 11th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. ConocoPhillips's dividend payout ratio (DPR) is 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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