ConocoPhillips (NYSE:COP) Shares Sold by Sippican Capital Advisors

by · The Cerbat Gem

Sippican Capital Advisors cut its holdings in shares of ConocoPhillips (NYSE:COP – Free Report) by 43.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,428 shares of the energy producer’s stock after selling 4,136 shares during the period. Sippican Capital Advisors’ holdings in ConocoPhillips were worth $571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in ConocoPhillips by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after purchasing an additional 8,479,963 shares in the last quarter. Capital International Investors raised its holdings in ConocoPhillips by 9.6% during the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after purchasing an additional 1,856,085 shares in the last quarter. Legal & General Group Plc raised its holdings in ConocoPhillips by 4.6% during the second quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock worth $1,132,430,000 after purchasing an additional 438,241 shares in the last quarter. Diamond Hill Capital Management Inc. raised its holdings in ConocoPhillips by 2.0% during the second quarter. Diamond Hill Capital Management Inc. now owns 5,709,604 shares of the energy producer’s stock worth $653,065,000 after purchasing an additional 109,885 shares in the last quarter. Finally, Boston Partners raised its holdings in ConocoPhillips by 10.3% during the first quarter. Boston Partners now owns 4,451,796 shares of the energy producer’s stock worth $567,111,000 after purchasing an additional 415,878 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Up 5.0 %

NYSE:COP traded up $5.18 during trading hours on Thursday, reaching $108.16. The company’s stock had a trading volume of 1,098,398 shares, compared to its average volume of 5,849,427. The company has a market cap of $125.60 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The business’s 50-day moving average is $108.02 and its 200-day moving average is $113.20. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

ConocoPhillips (NYSE:COP – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. The company had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.84 earnings per share. Equities research analysts predict that ConocoPhillips will post 7.85 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.88%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is currently 25.86%.

Analysts Set New Price Targets

Several equities research analysts recently commented on COP shares. Wolfe Research started coverage on ConocoPhillips in a report on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Mizuho dropped their price target on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Truist Financial dropped their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $136.94.

View Our Latest Analysis on ConocoPhillips

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.34% of the stock is owned by company insiders.

About ConocoPhillips

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP – Free Report).