NorthRock Partners LLC Cuts Stock Position in ConocoPhillips (NYSE:COP)

NorthRock Partners LLC lessened its stake in ConocoPhillips (NYSE:COP) by 15.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,126 shares of the energy producer’s stock after selling 1,309 shares during the period. NorthRock Partners LLC’s holdings in ConocoPhillips were worth $750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in COP. Heritage Investors Management Corp grew its stake in shares of ConocoPhillips by 2.9% during the third quarter. Heritage Investors Management Corp now owns 198,580 shares of the energy producer’s stock worth $20,907,000 after acquiring an additional 5,580 shares during the last quarter. Pittenger & Anderson Inc. grew its stake in shares of ConocoPhillips by 17.5% during the third quarter. Pittenger & Anderson Inc. now owns 2,305 shares of the energy producer’s stock worth $243,000 after acquiring an additional 344 shares during the last quarter. Clarity Financial LLC grew its stake in shares of ConocoPhillips by 34.1% during the third quarter. Clarity Financial LLC now owns 3,299 shares of the energy producer’s stock worth $347,000 after acquiring an additional 839 shares during the last quarter. United Advisor Group LLC grew its stake in shares of ConocoPhillips by 33.4% during the third quarter. United Advisor Group LLC now owns 2,454 shares of the energy producer’s stock worth $258,000 after acquiring an additional 614 shares during the last quarter. Finally, James J. Burns & Company LLC grew its stake in shares of ConocoPhillips by 71.4% during the third quarter. James J. Burns & Company LLC now owns 3,854 shares of the energy producer’s stock worth $405,000 after acquiring an additional 1,605 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Trading Up 0.3 %

Shares of COP stock opened at $109.22 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The company has a market cap of $125.70 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 0.88 and a beta of 1.21. The stock has a 50 day simple moving average of $107.78 and a 200-day simple moving average of $112.52. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.16 EPS. On average, equities research analysts expect that ConocoPhillips will post 7.78 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.86%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio is presently 27.59%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on COP. Truist Financial dropped their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Barclays upped their target price on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $126.00 target price (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a research report on Friday, September 13th. Finally, Mizuho upped their target price on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $137.47.

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.