Kingsview Wealth Management LLC Sells 30,041 Shares of ConocoPhillips $COP

Key Points

• Kingsview Wealth Management cut its ConocoPhillips stake by 48% in the fourth quarter, selling 30,041 shares and leaving it with 32,528 shares valued at about $3.05 million.
• Insider selling was significant, highlighted by CEO Ryan Michael Lance selling 506,800 shares for about $64.5 million; insiders have sold 734,891 shares worth $93.3 million over the past 90 days.
• ConocoPhillips reported better-than-expected quarterly earnings of $1.89 per share and revenue of $15.76 billion, while also declaring a quarterly dividend of $0.84 per share, implying a 2.9% yield.

Kingsview Wealth Management LLC lessened its stake in ConocoPhillips (NYSE:COP - Free Report) by 48.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,528 shares of the energy producer's stock after selling 30,041 shares during the period. Kingsview Wealth Management LLC's holdings in ConocoPhillips were worth $3,045,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of COP. Cloud Capital Management LLC bought a new position in ConocoPhillips in the 3rd quarter worth approximately $26,000. KERR FINANCIAL PLANNING Corp bought a new position in ConocoPhillips in the 3rd quarter worth approximately $28,000. Board of the Pension Protection Fund bought a new position in ConocoPhillips in the 4th quarter worth approximately $28,000. Strive Asset Management LLC bought a new position in ConocoPhillips in the 3rd quarter worth approximately $28,000. Finally, BNP Paribas acquired a new stake in ConocoPhillips during the 2nd quarter worth $33,000. Institutional investors own 82.36% of the company's stock.

Insider Buying and Selling

In other news, SVP Kelly Brunetti Rose sold 8,500 shares of the business's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $118.04, for a total value of $1,003,340.00. Following the completion of the transaction, the senior vice president owned 32,984 shares of the company's stock, valued at $3,893,431.36. The trade was a 20.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ryan Michael Lance sold 506,800 shares of the business's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $127.26, for a total transaction of $64,495,368.00. Following the completion of the transaction, the chief executive officer directly owned 6,835 shares of the company's stock, valued at $869,822.10. This trade represents a 98.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 734,891 shares of company stock worth $93,345,692 over the last ninety days. Insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

COP has been the subject of a number of analyst reports. BMO Capital Markets lowered their target price on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Raymond James Financial lifted their target price on shares of ConocoPhillips from $118.00 to $145.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Jefferies Financial Group lifted their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Zacks Research lowered shares of ConocoPhillips from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Finally, Wolfe Research lifted their target price on shares of ConocoPhillips from $138.00 to $144.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Seventeen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average target price of $134.60.

ConocoPhillips Price Performance

Shares of COP stock opened at $114.01 on Friday. ConocoPhillips has a 12-month low of $84.33 and a 12-month high of $135.87. The firm has a market capitalization of $138.90 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.28 and a beta of 0.14. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average of $123.09 and a 200-day moving average of $108.46.

ConocoPhillips (NYSE:COP - Get Free Report) last announced 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. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion during the quarter, compared to analyst estimates of $15.62 billion. During the same quarter in the previous year, the business earned $2.09 EPS. The firm's revenue was down 6.1% on a year-over-year basis. On average, equities research analysts forecast that ConocoPhillips will post 9.92 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 11th will be issued a $0.84 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. ConocoPhillips's payout ratio is 57.05%.

ConocoPhillips 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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