Pinnacle Financial Partners Inc Reduces Position in ConocoPhillips (NYSE:COP)

Pinnacle Financial Partners Inc reduced its position in shares of ConocoPhillips (NYSE:COPFree Report) by 13.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,623 shares of the energy producer’s stock after selling 2,542 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in ConocoPhillips were worth $1,929,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. West Tower Group LLC purchased a new position in ConocoPhillips during the 2nd quarter valued at $27,000. Orion Capital Management LLC purchased a new stake in ConocoPhillips in the third quarter worth about $27,000. West Branch Capital LLC boosted its position in ConocoPhillips by 87.8% during the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. RVW Wealth LLC purchased a new position in shares of ConocoPhillips during the 3rd quarter worth approximately $28,000. Finally, Fairfield Bush & CO. bought a new position in shares of ConocoPhillips in the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity

In related news, CFO William L. Jr. Bullock sold 45,200 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $123.32, for a total value of $5,574,064.00. Following the transaction, the chief financial officer now owns 44,153 shares of the company’s stock, valued at $5,444,947.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other ConocoPhillips news, CFO William L. Jr. Bullock sold 45,200 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total value of $5,574,064.00. Following the completion of the sale, the chief financial officer now owns 44,153 shares in the company, valued at $5,444,947.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Christopher P. Delk sold 8,505 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $112.06, for a total transaction of $953,070.30. 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 quarter. 0.37% of the stock is currently owned by insiders.

ConocoPhillips Stock Performance

Shares of COP stock opened at $130.69 on Wednesday. The firm has a market capitalization of $153.74 billion, a PE ratio of 14.42, a P/E/G ratio of 2.92 and a beta of 1.24. The company has a 50 day moving average price of $115.08 and a 200-day moving average price of $116.15. ConocoPhillips has a 52 week low of $95.70 and a 52 week high of $130.84. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COPGet Free Report) last posted its earnings results on Thursday, February 8th. The energy producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. The business had revenue of $15.31 billion during the quarter, compared to the consensus estimate of $14.47 billion. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. During the same quarter in the previous year, the firm posted $2.71 EPS. As a group, equities research analysts expect that ConocoPhillips will post 8.81 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently declared 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 is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, February 15th. ConocoPhillips’s payout ratio is currently 25.61%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on COP shares. Piper Sandler dropped their target price 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. Scotiabank lifted their target price on shares of ConocoPhillips from $115.00 to $120.00 and gave the company a “sector perform” rating in a report on Friday, February 9th. Raymond James cut their price target on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Susquehanna lowered their price objective on ConocoPhillips from $152.00 to $133.00 and set a “positive” rating for the company in a research note on Friday, January 26th. Finally, JPMorgan Chase & Co. dropped their target price on ConocoPhillips from $153.00 to $141.00 and set a “neutral” rating on the stock in a report on Friday, December 8th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average price target of $135.35.

Read Our Latest Analysis on COP

ConocoPhillips Company Profile

(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 Articles

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:COPFree Report).

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.