Patriot Financial Group Insurance Agency LLC Has $8.05 Million Stake in ConocoPhillips $COP

Key Points

• Patriot Financial Group Insurance Agency LLC more than doubled its stake in ConocoPhillips in the first quarter, ending with 60,984 shares worth about $8.05 million.
• ConocoPhillips CEO Ryan Michael Lance sold 113,221 shares in late March for roughly $15.0 million, reducing his holdings by about 24.4%.
• Analysts remain generally positive on COP, with a consensus rating of Moderate Buy and an average price target of $134.04; the company also recently beat quarterly EPS and revenue estimates while paying a 3.2% dividend yield.

Patriot Financial Group Insurance Agency LLC lifted its position in ConocoPhillips (NYSE:COP - Free Report) by 102.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,984 shares of the energy producer's stock after purchasing an additional 30,831 shares during the quarter. Patriot Financial Group Insurance Agency LLC's holdings in ConocoPhillips were worth $8,050,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COP. Blue Trust Inc. increased its holdings in ConocoPhillips by 0.4% in the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer's stock valued at $2,791,000 after buying an additional 92 shares during the period. Nicolet Advisory Services LLC lifted its holdings in shares of ConocoPhillips by 0.9% during the 4th quarter. Nicolet Advisory Services LLC now owns 10,352 shares of the energy producer's stock worth $989,000 after acquiring an additional 95 shares during the period. Duncan Williams Asset Management LLC lifted its holdings in shares of ConocoPhillips by 4.4% during the 4th quarter. Duncan Williams Asset Management LLC now owns 2,370 shares of the energy producer's stock worth $222,000 after acquiring an additional 100 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of ConocoPhillips by 4.1% during the 4th quarter. Wedge Capital Management L L P NC now owns 2,570 shares of the energy producer's stock valued at $241,000 after acquiring an additional 101 shares in the last quarter. Finally, Strategic Blueprint LLC boosted its position in shares of ConocoPhillips by 1.3% during the 4th quarter. Strategic Blueprint LLC now owns 8,018 shares of the energy producer's stock valued at $751,000 after acquiring an additional 101 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Ryan Michael Lance sold 113,221 shares of the company's stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total transaction of $15,025,558.91. Following the transaction, the chief executive officer owned 350,000 shares in the company, valued at $46,448,500. This represents a 24.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on COP. Raymond James Financial dropped their price target on shares of ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a research report on Monday, June 1st. Royal Bank Of Canada set a $130.00 price objective on ConocoPhillips in a report on Monday, June 22nd. Truist Financial set a $128.00 price objective on ConocoPhillips in a research note on Friday, May 1st. Citigroup increased their target price on ConocoPhillips from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Finally, Wolfe Research boosted 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. Eighteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus price target of $134.04.

ConocoPhillips Trading Down 0.7%

COP stock opened at $105.63 on Friday. The business has a fifty day moving average price of $117.29 and a 200 day moving average price of $111.81. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The stock has a market capitalization of $128.69 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 1.17 and a beta of 0.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $15.76 billion during 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 business's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.09 EPS. Analysts expect that ConocoPhillips will post 10.03 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's payout ratio is currently 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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