State of Wisconsin Investment Board Sells 62,182 Shares of ConocoPhillips $COP

Key Points

• State of Wisconsin Investment Board cut its ConocoPhillips stake by 8.6% in the fourth quarter, selling 62,182 shares and leaving it with 658,190 shares worth about $61.6 million.
• Insider selling has been significant: CEO Ryan Michael Lance sold 506,800 shares and EVP Nicholas G. Olds sold 6,994 shares, with insiders dumping 634,715 shares total over the last 90 days.
• ConocoPhillips recently reported better-than-expected quarterly results and pays a $0.84 quarterly dividend, but the stock is facing pressure from weaker oil prices and broader energy-sector weakness.

State of Wisconsin Investment Board trimmed its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 8.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 658,190 shares of the energy producer's stock after selling 62,182 shares during the quarter. State of Wisconsin Investment Board owned about 0.05% of ConocoPhillips worth $61,613,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of COP. AXA S.A. lifted its position in shares of ConocoPhillips by 91.1% during the 2nd quarter. AXA S.A. now owns 84,937 shares of the energy producer's stock valued at $7,622,000 after acquiring an additional 40,499 shares during the period. Sei Investments Co. lifted its position in shares of ConocoPhillips by 6.1% during the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer's stock valued at $70,397,000 after acquiring an additional 44,852 shares during the period. BNP Paribas bought a new stake in shares of ConocoPhillips during the 2nd quarter valued at $33,000. Osterweis Capital Management Inc. bought a new stake in shares of ConocoPhillips during the 2nd quarter valued at $151,000. Finally, Main Street Financial Solutions LLC lifted its position in shares of ConocoPhillips by 53.5% during the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer's stock worth $431,000 after buying an additional 1,675 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Nicholas G. Olds sold 6,994 shares of the company's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $127.06, for a total value of $888,657.64. Following the completion of the transaction, the executive vice president owned 5,395 shares of the company's stock, valued at $685,488.70. This represents a 56.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Michael Lance sold 506,800 shares of the company'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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 634,715 shares of company stock valued at $81,410,816 in the last 90 days. Corporate insiders own 0.09% of the company's stock.

ConocoPhillips News Roundup

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips signed a memorandum of understanding with TotalEnergies, QatarEnergy and the Syrian Petroleum Company to explore offshore Block 3 in the Mediterranean, adding a new potential upstream growth area. ConocoPhillips (COP) Joins TotalEnergies And QatarEnergy For Mediterranean Block 3 Exploration
• Positive Sentiment: The Syria gas deal could help restart production at existing fields and open up new reserves, supporting ConocoPhillips’ longer-term international portfolio and cash flow growth. Syria signs deal with ConocoPhillips, Novaterra to revive gas production
• Neutral Sentiment: Market commentary suggests ConocoPhillips’ Alaska Willow project could materially boost free cash flow over time, but the benefits are still years away and are unlikely to affect the stock immediately. This Top Oil Stock Expects an Unlikely Source to Help It Double Its Free Cash Flow by 2029.
• Negative Sentiment: Energy stocks fell as oil prices weakened after the U.S.–Iran deal, and ConocoPhillips was caught in the broader sector selloff. Sector Update: Energy Stocks Decline Tuesday Afternoon
• Negative Sentiment: Lower oil prices are a headwind for ConocoPhillips because the company’s profits and valuation are closely tied to commodity prices, and traders have been betting on more downside in the stock. How A U.S.–Iran Peace Deal And Syrian Gas Restart At ConocoPhillips (COP) Has Changed Its Investment Story

ConocoPhillips Price Performance

Shares of COP stock opened at $111.22 on Wednesday. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.87. The business has a fifty day simple moving average of $119.87 and a 200 day simple moving average of $110.97. 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 company has a market cap of $135.50 billion, a P/E ratio of 18.88, a P/E/G ratio of 1.24 and a beta of 0.11.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (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 quarter in the prior year, the firm earned $2.09 EPS. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. On average, sell-side analysts forecast that ConocoPhillips will post 10.03 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's dividend payout ratio is presently 57.05%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on COP. Mizuho upped their price objective on ConocoPhillips from $136.00 to $150.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Capital One Financial dropped their price objective on ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating for the company in a research report on Monday, May 18th. Raymond James Financial dropped their price objective on ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a research report on Monday, June 1st. Zacks Research downgraded ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Finally, Scotiabank upped their price objective on ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Seventeen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $134.48.

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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