Robertson Stephens Wealth Management LLC trimmed its holdings in ConocoPhillips (NYSE:COP) by 15.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,601 shares of the energy producer’s stock after selling 665 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in ConocoPhillips were worth $244,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Canton Hathaway LLC acquired a new stake in ConocoPhillips in the third quarter valued at about $26,000. Newbridge Financial Services Group Inc. purchased a new stake in ConocoPhillips in the 3rd quarter worth approximately $27,000. America First Investment Advisors LLC purchased a new stake in ConocoPhillips in the 3rd quarter worth approximately $34,000. Tower View Investment Management & Research LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter valued at $34,000. Finally, Financial Insights Inc. purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 78.94% of the company’s stock.
In related news, EVP Nicholas G. Olds sold 9,200 shares of the firm’s stock in a transaction on Thursday, November 4th. The shares were sold at an average price of $74.64, for a total value of $686,688.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ellen Desanctis sold 28,171 shares of the stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $73.26, for a total transaction of $2,063,807.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 145,889 shares of company stock valued at $10,680,170. 0.08% of the stock is owned by corporate insiders.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Tuesday, November 2nd. The energy producer reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.24. The firm had revenue of $11.62 billion during the quarter, compared to analysts’ expectations of $11.34 billion. ConocoPhillips had a net margin of 12.18% and a return on equity of 11.87%. During the same quarter last year, the company posted ($0.31) EPS. On average, equities analysts anticipate that ConocoPhillips will post 5.89 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 14th. Stockholders of record on Monday, January 3rd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, December 31st. ConocoPhillips’s dividend payout ratio is 58.04%.
Several research firms recently weighed in on COP. Truist Securities lifted their target price on shares of ConocoPhillips from $84.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, October 7th. Societe Generale downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating and set a $77.00 target price for the company. in a research report on Wednesday, November 10th. Mizuho lowered their price objective on shares of ConocoPhillips from $101.00 to $98.00 in a research report on Monday, January 3rd. Wells Fargo & Company boosted their price objective on shares of ConocoPhillips from $82.00 to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, November 3rd. Finally, Raymond James upped their target price on shares of ConocoPhillips from $90.00 to $100.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 26th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Buy” and a consensus target price of $82.30.
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.
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