Resona Asset Management Co. Ltd. Sells 18,686 Shares of ConocoPhillips $COP

Key Points

• Resona Asset Management trimmed its ConocoPhillips stake by 4.7% in the fourth quarter, selling 18,686 shares and ending with 377,759 shares valued at about $35.3 million.
• Insider selling was notable, with CEO Ryan Michael Lance selling 506,800 shares and Director Timothy A. Leach selling 40,000 shares; insiders sold 734,891 shares in the last quarter overall.
• ConocoPhillips reported better-than-expected quarterly earnings of $1.89 per share and announced a $0.84 quarterly dividend, while analysts currently rate the stock a “Moderate Buy” with an average target price of $133.12.

Resona Asset Management Co. Ltd. lowered its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 377,759 shares of the energy producer's stock after selling 18,686 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in ConocoPhillips were worth $35,297,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in COP. Capital International Investors raised its position in shares of ConocoPhillips by 18.2% during the third quarter. Capital International Investors now owns 45,645,397 shares of the energy producer's stock worth $4,318,239,000 after acquiring an additional 7,037,873 shares during the last quarter. Primecap Management Co. CA raised its position in shares of ConocoPhillips by 31.3% during the third quarter. Primecap Management Co. CA now owns 10,351,010 shares of the energy producer's stock worth $979,102,000 after acquiring an additional 2,467,555 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of ConocoPhillips by 20.6% during the third quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer's stock worth $1,228,886,000 after acquiring an additional 2,216,010 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of ConocoPhillips during the third quarter worth $135,265,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of ConocoPhillips by 255.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,857,206 shares of the energy producer's stock worth $173,853,000 after acquiring an additional 1,334,687 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, CEO Ryan Michael Lance sold 506,800 shares of the business's stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $127.26, for a total value 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 approximately $869,822.10. The trade was a 98.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy A. Leach sold 40,000 shares of the business's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $118.79, for a total value of $4,751,600.00. Following the completion of the transaction, the director directly owned 411,211 shares of the company's stock, valued at approximately $48,847,754.69. The trade was a 8.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 734,891 shares of company stock valued at $93,345,692. Insiders own 0.09% of the company's stock.

ConocoPhillips Stock Up 1.6%

Shares of ConocoPhillips stock opened at $124.39 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12 month low of $84.28 and a 12 month high of $135.87. The business has a fifty day simple moving average of $123.21 and a 200 day simple moving average of $106.64. The stock has a market cap of $151.54 billion, a PE ratio of 21.12, a price-to-earnings-growth ratio of 1.41 and a beta of 0.14.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping analysts' consensus estimates of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The business had revenue of $15.76 billion during the quarter, compared to analysts' expectations of $15.62 billion. During the same period in the previous year, the firm earned $2.09 earnings per share. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. Research analysts predict that ConocoPhillips will post 9.66 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders 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 2.7%. The ex-dividend date of this dividend is Monday, May 11th. ConocoPhillips's payout ratio is presently 57.05%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on COP shares. Truist Financial set a $128.00 target price on ConocoPhillips in a research report on Friday, May 1st. Piper Sandler lifted their price objective on ConocoPhillips from $154.00 to $157.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Jefferies Financial Group lifted their price objective on ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a research note on Monday. Capital One Financial decreased their price objective on ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, Zacks Research raised ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ConocoPhillips presently has an average rating of "Moderate Buy" and a consensus price target of $133.12.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips signed a 30-year gas sales precedent agreement with Glenfarne Alaska LNG to supply North Slope natural gas for Phase One of the Alaska LNG project, strengthening the company’s long-term volume outlook and signaling progress toward a final investment decision. Reuters: Alaska LNG secures supply deal with ConocoPhillips for pipeline project
• Positive Sentiment: The Alaska LNG announcement was echoed by multiple reports, reinforcing investor optimism that ConocoPhillips is helping advance a major infrastructure project that could support future gas monetization and regional energy demand. Yahoo Finance: Glenfarne, ConocoPhillips Sign North Slope Gas Sales Precedent Agreement for Alaska LNG
• Positive Sentiment: Jefferies raised its price target on ConocoPhillips to $161 from $160 and kept a Buy rating, suggesting continued upside expectations from current levels. MarketScreener: Jefferies adjusts price target on ConocoPhillips
• Neutral Sentiment: Capital One Financial trimmed its price target slightly to $154 from $156 while maintaining an Equal Weight rating, a modestly less bullish read but not a major negative for the stock. MarketScreener: Capital One adjusts price target on ConocoPhillips
• Neutral Sentiment: Broader commentary on oil prices and options trading pointed to a supportive crude backdrop for COP, but this was more of a market/strategy note than a company-specific fundamental update. Barchart: ConocoPhillips Put Options Look Attractive to Short Sellers as Oil Rises

About ConocoPhillips

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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