Harvey Capital Management Inc. Sells 21,115 Shares of ConocoPhillips (NYSE:COP)

Harvey Capital Management Inc. cut its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 36.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,675 shares of the energy producer's stock after selling 21,115 shares during the period. ConocoPhillips makes up approximately 1.4% of Harvey Capital Management Inc.'s investment portfolio, making the stock its 24th largest holding. Harvey Capital Management Inc.'s holdings in ConocoPhillips were worth $4,257,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Norris Perne & French LLP MI grew its stake in ConocoPhillips by 1.9% in the third quarter. Norris Perne & French LLP MI now owns 4,364 shares of the energy producer's stock valued at $523,000 after acquiring an additional 80 shares during the period. Sloy Dahl & Holst LLC grew its stake in ConocoPhillips by 3.3% in the third quarter. Sloy Dahl & Holst LLC now owns 2,629 shares of the energy producer's stock valued at $315,000 after acquiring an additional 85 shares during the period. Mascoma Wealth Management LLC grew its stake in ConocoPhillips by 35.9% in the third quarter. Mascoma Wealth Management LLC now owns 333 shares of the energy producer's stock valued at $40,000 after acquiring an additional 88 shares during the period. CRA Financial Services LLC lifted its holdings in shares of ConocoPhillips by 1.9% in the third quarter. CRA Financial Services LLC now owns 4,702 shares of the energy producer's stock valued at $563,000 after purchasing an additional 89 shares in the last quarter. Finally, KLCM Advisors Inc. lifted its holdings in shares of ConocoPhillips by 2.8% in the third quarter. KLCM Advisors Inc. now owns 3,305 shares of the energy producer's stock valued at $396,000 after purchasing an additional 89 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on COP. Morgan Stanley boosted their price target on ConocoPhillips from $123.00 to $129.00 and gave the company an "overweight" rating in a report on Thursday, March 28th. Mizuho restated a "neutral" rating and issued a $139.00 price target (up from $132.00) on shares of ConocoPhillips in a report on Friday, March 22nd. Johnson Rice lowered ConocoPhillips from an "accumulate" rating to a "hold" rating in a report on Thursday, December 14th. Truist Financial cut their price target on ConocoPhillips from $173.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, April 5th. Finally, Susquehanna dropped their target price on ConocoPhillips from $152.00 to $133.00 and set a "positive" rating on the stock in a report on Friday, January 26th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and an average price target of $140.59.

Insider Activity

In other news, EVP Nicholas G. Olds sold 12,150 shares of the company's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total value of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares of the company's stock, valued at $1,836,161.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Christopher P. Delk sold 8,505 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total value of $1,536,246.00. Following the sale, the executive vice president now directly owns 14,522 shares in the company, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 700,775 shares of company stock valued at $87,615,169. 0.37% of the stock is owned by insiders.

ConocoPhillips Stock Performance

NYSE:COP traded down $1.68 on Friday, hitting $131.24. The company's stock had a trading volume of 4,954,738 shares, compared to its average volume of 5,541,659. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average of $118.84 and a two-hundred day moving average of $116.88. The firm has a market capitalization of $154.39 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 2.88 and a beta of 1.24. ConocoPhillips has a one year low of $95.70 and a one year high of $135.18.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The firm had revenue of $15.31 billion for the quarter, compared to analyst estimates of $14.47 billion. During the same quarter in the prior year, the company earned $2.71 earnings per share. Research analysts predict that ConocoPhillips will post 9.22 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were given a $0.78 dividend. This is an increase from ConocoPhillips's previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $3.12 annualized dividend and a dividend yield of 2.38%. ConocoPhillips's dividend payout ratio is presently 25.61%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.