Wellington Management Group LLP Lowers Position in ConocoPhillips (NYSE:COP)

Wellington Management Group LLP cut its holdings in shares of ConocoPhillips (NYSE:COP) by 7.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,383,963 shares of the energy producer’s stock after selling 3,259,366 shares during the quarter. ConocoPhillips comprises approximately 0.9% of Wellington Management Group LLP’s investment portfolio, making the stock its 16th biggest position. Wellington Management Group LLP owned 3.43% of ConocoPhillips worth $4,687,367,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Orion Capital Management LLC purchased a new position in shares of ConocoPhillips during the 3rd quarter worth $27,000. West Branch Capital LLC lifted its stake in ConocoPhillips by 87.8% during the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Sachetta LLC acquired a new position in ConocoPhillips during the 4th quarter worth about $27,000. Cape Investment Advisory Inc. lifted its stake in ConocoPhillips by 96.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after acquiring an additional 121 shares in the last quarter. Finally, Northwest Bank & Trust Co acquired a new position in ConocoPhillips during the 4th quarter worth about $32,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Nicholas G. Olds sold 12,150 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Nicholas G. Olds sold 12,150 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Michael Lance sold 607,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the transaction, the chief executive officer now owns 6,780 shares in the company, valued at approximately $853,669.80. The disclosure for this sale can be found here. Insiders have sold 664,350 shares of company stock worth $83,537,680 in the last quarter. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on COP shares. Truist Financial increased their target price on ConocoPhillips from $160.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, June 3rd. Susquehanna increased their target price on ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Mizuho decreased their target price on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 5th. Royal Bank of Canada increased their target price on ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 15th. Finally, Argus raised ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.18.

ConocoPhillips Trading Down 1.4 %

COP opened at $109.39 on Monday. ConocoPhillips has a one year low of $99.35 and a one year high of $135.18. The company has a market cap of $127.93 billion, a P/E ratio of 12.39, a PEG ratio of 2.45 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35. The business’s 50-day simple moving average is $121.97 and its 200-day simple moving average is $117.65.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The business had revenue of $14.48 billion for the quarter, compared to the consensus estimate of $14.72 billion. As a group, equities research analysts expect that ConocoPhillips will post 8.93 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were issued a $0.78 dividend. The ex-dividend date was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.85%. ConocoPhillips’s payout ratio is currently 26.27%.

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.