Principal Financial Group Inc. Decreases Stake in ConocoPhillips (NYSE:COP)

Principal Financial Group Inc. trimmed its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,537,439 shares of the energy producer's stock after selling 32,247 shares during the period. Principal Financial Group Inc. owned about 0.13% of ConocoPhillips worth $178,451,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in COP. Orion Capital Management LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter worth $27,000. West Branch Capital LLC boosted its position in shares of ConocoPhillips by 87.8% during the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer's stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of ConocoPhillips by 63.1% in the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 287 shares of the energy producer's stock valued at $34,000 after acquiring an additional 111 shares during the last quarter. Spartan Planning & Wealth Management purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at about $40,000. Finally, Milestone Investment Advisors LLC acquired a new stake in shares of ConocoPhillips during the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 82.36% of the company's stock.

Wall Street Analyst Weigh In

COP has been the topic of several recent analyst reports. Truist Financial dropped their price target on shares of ConocoPhillips from $170.00 to $160.00 and set a "buy" rating on the stock in a research note on Monday, April 29th. Mizuho raised their price objective on ConocoPhillips from $139.00 to $142.00 and gave the stock a "neutral" rating in a report on Monday. Raymond James decreased their target price on ConocoPhillips from $140.00 to $137.00 and set a "strong-buy" rating for the company in a research report on Wednesday, January 24th. Susquehanna lifted their price target on ConocoPhillips from $133.00 to $154.00 and gave the stock a "positive" rating in a research report on Monday, April 22nd. Finally, Piper Sandler increased their price objective on ConocoPhillips from $145.00 to $157.00 and gave the company an "overweight" rating in a report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.94.

ConocoPhillips Stock Performance

NYSE COP traded down $0.38 during trading hours on Monday, hitting $121.53. 6,421,181 shares of the stock were exchanged, compared to its average volume of 5,352,253. The company has a market cap of $142.13 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 2.67 and a beta of 1.25. The stock has a 50-day moving average of $124.90 and a 200 day moving average of $117.64. ConocoPhillips has a 12-month low of $97.42 and a 12-month high of $135.18. The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $2.08 by $0.32. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. 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 posted $2.71 earnings per share. As a group, equities research analysts forecast that ConocoPhillips will post 9.12 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 13th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.57%. ConocoPhillips's dividend payout ratio is presently 26.27%.

Insider Activity at ConocoPhillips

In related news, SVP Heather G. Hrap sold 4,548 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $110.55, for a total value of $502,781.40. Following the sale, the senior vice president now owns 2,654 shares in the company, valued at approximately $293,399.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Christopher P. Delk sold 8,505 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Heather G. Hrap sold 4,548 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total transaction of $502,781.40. Following the completion of the sale, the senior vice president now owns 2,654 shares of the company's stock, valued at $293,399.70. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock worth $87,615,169 over the last 90 days. Company insiders own 0.34% of the company's stock.

ConocoPhillips Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.