Montgomery Investment Management Inc. Reduces Holdings in ConocoPhillips (NYSE:COP)

Montgomery Investment Management Inc. lowered its holdings in ConocoPhillips (NYSE:COP) by 0.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,311 shares of the energy producer’s stock after selling 100 shares during the period. ConocoPhillips comprises 3.7% of Montgomery Investment Management Inc.’s holdings, making the stock its 8th biggest holding. Montgomery Investment Management Inc.’s holdings in ConocoPhillips were worth $9,452,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Spirit of America Management Corp NY grew its stake in shares of ConocoPhillips by 83.3% in the 4th quarter. Spirit of America Management Corp NY now owns 50,604 shares of the energy producer’s stock worth $5,018,000 after purchasing an additional 23,004 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in shares of ConocoPhillips by 33.1% in the fourth quarter. Stratos Wealth Partners LTD. now owns 31,896 shares of the energy producer’s stock worth $3,163,000 after acquiring an additional 7,937 shares in the last quarter. Yousif Capital Management LLC grew its position in ConocoPhillips by 9.8% during the fourth quarter. Yousif Capital Management LLC now owns 175,708 shares of the energy producer’s stock valued at $17,425,000 after purchasing an additional 15,715 shares in the last quarter. Retirement Systems of Alabama grew its position in ConocoPhillips by 17.2% during the fourth quarter. Retirement Systems of Alabama now owns 888,703 shares of the energy producer’s stock valued at $88,133,000 after purchasing an additional 130,617 shares in the last quarter. Finally, Silverlake Wealth Management LLC grew its position in ConocoPhillips by 8.8% during the fourth quarter. Silverlake Wealth Management LLC now owns 2,604 shares of the energy producer’s stock valued at $258,000 after purchasing an additional 210 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a research report on Friday, December 6th. Raymond James lifted their target price on shares of ConocoPhillips from $148.00 to $157.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Wells Fargo & Company reduced their target price on shares of ConocoPhillips from $134.00 to $132.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $120.00 to $123.00 in a research note on Thursday, December 5th. Finally, Morgan Stanley initiated coverage on shares of ConocoPhillips in a research note on Monday, December 16th. They issued an “overweight” rating and a $128.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Buy” and a consensus price target of $135.89.

Insider Buying and Selling

In other news, Director Arjun N. Murti purchased 2,500 shares of the stock in a transaction on Friday, December 20th. The stock was purchased at an average price of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R A. Walker purchased 10,400 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, December 17th. The stock was acquired at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the transaction, the director now owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by insiders.

ConocoPhillips Stock Up 2.2 %

Shares of NYSE COP opened at $100.61 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average of $101.67 and a 200-day moving average of $106.46. The stock has a market capitalization of $115.80 billion, a PE ratio of 11.96, a P/E/G ratio of 0.76 and a beta of 1.18. ConocoPhillips has a 52-week low of $94.23 and a 52-week high of $135.18.

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.