State of Michigan Retirement System Trims Stake in ConocoPhillips $COP

Key Points

• State of Michigan Retirement System reduced its ConocoPhillips stake by 4.2%, selling 14,300 shares and leaving 323,528 shares valued at about $30.3 million.
• Insiders have been heavy sellers—most notably CEO Ryan Lance sold 506,800 shares (a 98.7% reduction); insiders disposed of 734,891 shares worth roughly $93.3 million over the past 90 days.
• ConocoPhillips missed Q4 earnings ($1.02 vs. $1.23 est.) and revenue fell short, but it pays a $0.84 quarterly dividend (2.8% yield) and analysts remain mostly positive with a "Moderate Buy" consensus and a $131.36 average price target (several firms raised targets, e.g., RBC $152, Citi $150).

State of Michigan Retirement System lessened its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 323,528 shares of the energy producer's stock after selling 14,300 shares during the quarter. State of Michigan Retirement System's holdings in ConocoPhillips were worth $30,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of ConocoPhillips by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer's stock worth $11,256,713,000 after purchasing an additional 408,304 shares in the last quarter. Capital International Investors lifted its position in ConocoPhillips by 18.2% during the third quarter. Capital International Investors now owns 45,645,397 shares of the energy producer's stock valued at $4,318,239,000 after purchasing an additional 7,037,873 shares in the last quarter. Fisher Asset Management LLC lifted its position in ConocoPhillips by 1.8% during the third quarter. Fisher Asset Management LLC now owns 14,653,966 shares of the energy producer's stock valued at $1,386,119,000 after purchasing an additional 260,091 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in ConocoPhillips by 20.6% during the third quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer's stock valued at $1,228,886,000 after purchasing an additional 2,216,010 shares during the period. Finally, Primecap Management Co. CA grew its holdings in ConocoPhillips by 31.3% during the third quarter. Primecap Management Co. CA now owns 10,351,010 shares of the energy producer's stock valued at $979,102,000 after purchasing an additional 2,467,555 shares during the period. Institutional investors own 82.36% of the company's stock.

ConocoPhillips News Roundup

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Multiple previews expect COP to beat Q1 estimates, citing the company’s positioning to benefit from current commodity prices and operational momentum; this fuels near-term upside expectations. ConocoPhillips (COP) Expected to Beat Earnings Estimates
• Positive Sentiment: Susquehanna issued a bullish price-appreciation forecast for COP, which can support investor demand and positive momentum. Susquehanna Forecasts Strong Price Appreciation for ConocoPhillips
• Positive Sentiment: Relative-strength coverage compares COP favorably to Occidental (OXY) — noting higher ROE, lower debt and a stronger yield profile — reinforcing COP’s appeal versus a key peer. Occidental vs. ConocoPhillips: Which Energy Stock Has More Upside?
• Neutral Sentiment: Energy-sector commentary highlights strong 2026 performance as higher oil prices boost earnings prospects, a tailwind for COP but one that carries volatility risk. Energy stocks are trouncing the rest of the stock market in 2026
• Neutral Sentiment: Coverage of booming renewables and shifting energy mix flags a longer-term demand transition that could temper oil-sector valuations over time; immediate impact on COP is ambiguous. Renewable Energy Is Booming Again. The Iran War Has Scrambled Markets.
• Neutral Sentiment: An industry piece on Expand Energy warns rising costs may pressure margins for producers; this highlights an input-cost risk that could be relevant for COP’s upcoming quarter. Expand Energy to Report Q1 Earnings: What's in the Offing?
• Negative Sentiment: ISS recommends ConocoPhillips shareholders vote for an independent board chair — a governance stance that can signal activist pressure or investor dissatisfaction and may weigh on sentiment until resolved. ISS says ConocoPhillips shareholders should vote for independent board chair

Insiders Place Their Bets

In other ConocoPhillips news, SVP Kelly Brunetti Rose sold 8,500 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $118.04, for a total transaction of $1,003,340.00. Following the completion of the sale, the senior vice president directly owned 32,984 shares of the company's stock, valued at $3,893,431.36. This trade represents a 20.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ryan Michael Lance sold 506,800 shares of ConocoPhillips stock in a transaction that occurred 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 sale, the chief executive officer owned 6,835 shares in the company, valued at approximately $869,822.10. The trade was a 98.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 734,891 shares of company stock worth $93,345,692 over the last ninety days. 0.09% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Raymond James Financial raised their price objective on ConocoPhillips from $113.00 to $118.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 11th. Bank of America reiterated an "underperform" rating and set a $102.00 price objective on shares of ConocoPhillips in a research note on Friday, January 16th. Wall Street Zen raised shares of ConocoPhillips from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Royal Bank Of Canada raised their target price on shares of ConocoPhillips from $118.00 to $152.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 8th. Finally, Citigroup lifted their price target on shares of ConocoPhillips from $135.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $131.36.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $121.63 on Monday. The stock's 50-day simple moving average is $121.02 and its 200-day simple moving average is $103.43. ConocoPhillips has a 52 week low of $84.28 and a 52 week high of $135.87. The company has a market capitalization of $148.25 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 2.33 and a beta of 0.19. The company has a quick ratio of 1.14, a current ratio of 1.30 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The energy producer reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.21). ConocoPhillips had a return on equity of 11.90% and a net margin of 12.98%.The business had revenue of $13.86 billion during the quarter, compared to the consensus estimate of $14.35 billion. During the same period last year, the company earned $1.98 EPS. The business's revenue was down 3.7% on a year-over-year basis. As a group, analysts expect that ConocoPhillips will post 7.3 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Wednesday, February 18th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, February 18th. ConocoPhillips's dividend payout ratio is presently 53.00%.

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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