Patten & Patten Inc. TN Sells 29,302 Shares of ConocoPhillips (NYSE:COP)

Patten & Patten Inc. TN reduced its holdings in ConocoPhillips (NYSE:COP) by 13.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 195,701 shares of the energy producer’s stock after selling 29,302 shares during the quarter. ConocoPhillips accounts for about 1.3% of Patten & Patten Inc. TN’s investment portfolio, making the stock its 17th largest position. Patten & Patten Inc. TN’s holdings in ConocoPhillips were worth $19,408,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Albion Financial Group UT increased its position in shares of ConocoPhillips by 876.9% during the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after purchasing an additional 228 shares during the last quarter. Centricity Wealth Management LLC bought a new position in ConocoPhillips during the 4th quarter worth approximately $27,000. Truvestments Capital LLC bought a new position in ConocoPhillips during the 3rd quarter worth approximately $31,000. RPg Family Wealth Advisory LLC bought a new position in ConocoPhillips during the 3rd quarter worth approximately $35,000. Finally, Marshall Investment Management LLC bought a new position in ConocoPhillips during the 4th quarter worth approximately $36,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Up 3.0 %

ConocoPhillips stock opened at $99.10 on Friday. The firm has a market cap of $126.09 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.79 and a beta of 1.12. The stock has a fifty day simple moving average of $99.22 and a two-hundred day simple moving average of $103.81. ConocoPhillips has a 12 month low of $86.81 and a 12 month high of $135.18. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Friday, February 14th. ConocoPhillips’s payout ratio is currently 40.05%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on COP shares. UBS Group reduced their price target on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. The Goldman Sachs Group set a $132.00 price target on ConocoPhillips in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price target on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $132.00 to $134.00 in a report on Monday, December 16th. Finally, Piper Sandler dropped their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus price target of $133.05.

Insider Buying and Selling

In related news, Director Arjun N. Murti bought 2,500 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the completion of the transaction, the director now owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R A. Walker bought 10,400 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were bought at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This 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 corporate insiders.

ConocoPhillips Profile

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.