RPG Investment Advisory LLC Cuts Stock Holdings in ConocoPhillips $COP

RPG Investment Advisory LLC decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 49.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,736 shares of the energy producer’s stock after selling 84,682 shares during the period. RPG Investment Advisory LLC’s holdings in ConocoPhillips were worth $7,784,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of ConocoPhillips by 0.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,382,724 shares of the energy producer’s stock valued at $3,623,946,000 after purchasing an additional 287,970 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of ConocoPhillips by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after acquiring an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after buying an additional 2,080,625 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after purchasing an additional 1,073,906 shares in the last quarter. Finally, Primecap Management Co. CA increased its stake in shares of ConocoPhillips by 66.0% during the 2nd quarter. Primecap Management Co. CA now owns 7,883,455 shares of the energy producer’s stock worth $707,461,000 after purchasing an additional 3,135,315 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Stock Up 0.4%

Shares of ConocoPhillips stock opened at $87.69 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $111.96. The business’s fifty day moving average price is $90.38 and its two-hundred day moving average price is $91.92. The company has a market capitalization of $108.36 billion, a P/E ratio of 11.77, a PEG ratio of 2.36 and a beta of 0.58.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The business had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted $1.78 earnings per share. As a group, research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $0.84 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, November 17th. ConocoPhillips’s dividend payout ratio is presently 47.52%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, Director William H. Mcraven bought 5,768 shares of the stock in a transaction on Monday, November 10th. The shares were bought at an average price of $86.68 per share, with a total value of $499,970.24. Following the purchase, the director directly owned 5,768 shares in the company, valued at $499,970.24. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on COP. Piper Sandler reiterated an “overweight” rating and set a $115.00 price target on shares of ConocoPhillips in a report on Monday. Mizuho decreased their target price on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Wolfe Research reaffirmed an “outperform” rating and set a $131.00 price target on shares of ConocoPhillips in a research report on Thursday, November 6th. Roth Capital dropped their price objective on shares of ConocoPhillips from $108.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. Finally, Morgan Stanley decreased their price target on shares of ConocoPhillips from $122.00 to $117.00 and set an “overweight” rating for the company in a research report on Thursday, November 20th. Nineteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus price target of $115.16.

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.