Letko Brosseau & Associates Inc. Grows Stock Position in ConocoPhillips $COP

Letko Brosseau & Associates Inc. boosted its position in ConocoPhillips (NYSE:COP) by 1.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 430,664 shares of the energy producer’s stock after purchasing an additional 5,470 shares during the period. Letko Brosseau & Associates Inc.’s holdings in ConocoPhillips were worth $40,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of COP. Capital International Investors increased its position in ConocoPhillips by 18.2% in the third quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock worth $4,318,239,000 after buying an additional 7,037,873 shares during the last quarter. Primecap Management Co. CA increased its position in ConocoPhillips by 31.3% in the third quarter. Primecap Management Co. CA now owns 10,351,010 shares of the energy producer’s stock worth $979,102,000 after buying an additional 2,467,555 shares during the last quarter. Ameriprise Financial Inc. increased its position in ConocoPhillips by 20.6% in the third quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer’s stock worth $1,228,886,000 after buying an additional 2,216,010 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in ConocoPhillips in the third quarter worth $135,265,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in ConocoPhillips in the fourth quarter worth $128,470,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on COP. Raymond James Financial decreased their target price on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating for the company in a research report on Monday, June 1st. Capital One Financial reduced their price target on ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating for the company in a research report on Monday, May 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of ConocoPhillips in a research report on Wednesday, June 3rd. Royal Bank Of Canada lifted their price target on ConocoPhillips from $118.00 to $152.00 and gave the company an “outperform” rating in a research report on Wednesday, April 8th. Finally, Truist Financial set a $128.00 price target on ConocoPhillips in a research report on Friday, May 1st. Seventeen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus price target of $134.48.

Insider Activity at ConocoPhillips

In related news, SVP Andrew D. Lundquist sold 34,500 shares of ConocoPhillips stock in a transaction on Friday, March 13th. The stock was sold at an average price of $119.68, for a total transaction of $4,128,960.00. Following the completion of the sale, the senior vice president owned 17,469 shares of the company’s stock, valued at approximately $2,090,689.92. This trade represents a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Michael Lance sold 113,221 shares of ConocoPhillips stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total value of $15,025,558.91. Following the sale, the chief executive officer directly owned 350,000 shares of the company’s stock, valued at $46,448,500. This represents a 24.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 686,391 shares of company stock valued at $87,590,752 in the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $116.76 on Wednesday. The stock has a market cap of $142.24 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 1.32 and a beta of 0.11. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The stock has a fifty day moving average of $121.45 and a 200-day moving average of $109.99.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.17. The company had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.09 earnings per share. Equities research analysts anticipate that ConocoPhillips will post 10.03 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 annualized dividend and a yield of 2.9%. ConocoPhillips’s dividend payout ratio (DPR) is currently 57.05%.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.