ConocoPhillips (NYSE:COP) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC cut its stake in ConocoPhillips (NYSE:COP) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,978 shares of the energy producer’s stock after selling 6,076 shares during the period. ConocoPhillips makes up approximately 0.8% of Highland Capital Management LLC’s holdings, making the stock its 29th largest holding. Highland Capital Management LLC’s holdings in ConocoPhillips were worth $12,533,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in COP. Norris Perne & French LLP MI increased its stake in shares of ConocoPhillips by 1.9% during the 3rd quarter. Norris Perne & French LLP MI now owns 4,364 shares of the energy producer’s stock worth $523,000 after purchasing an additional 80 shares in the last quarter. Sloy Dahl & Holst LLC increased its stake in shares of ConocoPhillips by 3.3% during the 3rd quarter. Sloy Dahl & Holst LLC now owns 2,629 shares of the energy producer’s stock worth $315,000 after purchasing an additional 85 shares in the last quarter. Mascoma Wealth Management LLC increased its stake in shares of ConocoPhillips by 35.9% during the 3rd quarter. Mascoma Wealth Management LLC now owns 333 shares of the energy producer’s stock worth $40,000 after purchasing an additional 88 shares in the last quarter. CRA Financial Services LLC boosted its position in ConocoPhillips by 1.9% during the third quarter. CRA Financial Services LLC now owns 4,702 shares of the energy producer’s stock worth $563,000 after acquiring an additional 89 shares during the last quarter. Finally, KLCM Advisors Inc. boosted its position in ConocoPhillips by 2.8% during the third quarter. KLCM Advisors Inc. now owns 3,305 shares of the energy producer’s stock worth $396,000 after acquiring an additional 89 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on COP shares. Scotiabank raised their target price on shares of ConocoPhillips from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Friday, February 9th. Mizuho reiterated a “neutral” rating and issued a $139.00 price target (up previously from $132.00) on shares of ConocoPhillips in a report on Friday, March 22nd. Susquehanna decreased their price target on shares of ConocoPhillips from $152.00 to $133.00 and set a “positive” rating on the stock in a report on Friday, January 26th. UBS Group lifted their price target on shares of ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, Piper Sandler decreased their price target on shares of ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating on the stock in a report on Thursday, March 14th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $135.12.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the completion of the transaction, the executive vice president now directly owns 14,522 shares of the company’s stock, valued at approximately $1,836,161.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the completion of the transaction, the executive vice president now directly owns 14,522 shares of the company’s stock, valued at approximately $1,836,161.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ryan Michael Lance sold 607,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the transaction, the chief executive officer now directly owns 6,780 shares of the company’s stock, valued at $853,669.80. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock valued at $87,615,169 in the last ninety days. Company insiders own 0.37% of the company’s stock.

ConocoPhillips Price Performance

COP opened at $126.88 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.29 and a current ratio of 1.43. ConocoPhillips has a 1-year low of $95.70 and a 1-year high of $127.35. The company has a 50-day moving average of $113.49 and a 200-day moving average of $116.01. The company has a market capitalization of $149.26 billion, a P/E ratio of 14.00, a PEG ratio of 2.87 and a beta of 1.23.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. The business had revenue of $15.31 billion during the quarter, compared to the consensus estimate of $14.47 billion. During the same quarter in the prior year, the firm earned $2.71 EPS. Equities analysts expect that ConocoPhillips will post 8.79 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 2.46%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, February 15th. ConocoPhillips’s 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.