Morningstar Investment Management LLC Trims Holdings in ConocoPhillips $COP

Key Points

• Morningstar Investment Management cut its ConocoPhillips stake by 75.5% in the fourth quarter, leaving it with 22,337 shares worth about $2.09 million.
• Insider selling has been notable, with CEO Ryan Michael Lance and EVP Nicholas G. Olds both selling shares recently; insiders sold 734,891 shares worth about $93.35 million over the last 90 days.
• Despite the selling, analysts remain broadly positive on COP, with a Moderate Buy consensus and an average price target of $133.28; the company also beat quarterly EPS estimates and declared a $0.84 dividend.

Morningstar Investment Management LLC lowered its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 75.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,337 shares of the energy producer's stock after selling 68,923 shares during the quarter. Morningstar Investment Management LLC's holdings in ConocoPhillips were worth $2,091,000 as of its most recent filing with the SEC.

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

Insider Transactions at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 113,221 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total value of $15,025,558.91. Following the sale, the chief executive officer directly owned 350,000 shares of the company's stock, valued at approximately $46,448,500. This represents a 24.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas G. Olds sold 6,994 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $127.06, for a total transaction of $888,657.64. Following the completion of the sale, the executive vice president directly owned 5,395 shares in the company, valued at approximately $685,488.70. The trade was a 56.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 734,891 shares of company stock worth $93,345,692 in the last 90 days. Insiders own 0.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on COP. Zacks Research upgraded shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. Wolfe Research lifted their price target on ConocoPhillips from $138.00 to $144.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. Susquehanna upped their price objective on ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Argus increased their price objective on ConocoPhillips from $128.00 to $136.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Finally, Wells Fargo & Company raised their target price on ConocoPhillips from $132.00 to $133.00 and gave the company an "overweight" rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $133.28.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $120.48 on Tuesday. The stock has a market cap of $146.78 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 1.39 and a beta of 0.14. ConocoPhillips has a 52 week low of $84.28 and a 52 week high of $135.87. The company's 50-day moving average price is $123.68 and its 200 day moving average price is $107.82. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. The firm had revenue of $15.76 billion for the quarter, compared to analysts' expectations of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm's revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.09 EPS. As a group, research analysts forecast that ConocoPhillips will post 9.92 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 11th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, May 11th. ConocoPhillips's dividend payout ratio is presently 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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