Holderness Investments Co. Sells 1,499 Shares of ConocoPhillips (NYSE:COP)

Holderness Investments Co. decreased its position in ConocoPhillips (NYSE:COP) by 14.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,912 shares of the energy producer’s stock after selling 1,499 shares during the quarter. Holderness Investments Co.’s holdings in ConocoPhillips were worth $1,019,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cardinal Capital Management Inc. bought a new position in shares of ConocoPhillips in the 4th quarter worth about $13,468,000. Harbor Investment Advisory LLC boosted its stake in ConocoPhillips by 2.2% during the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after acquiring an additional 212 shares in the last quarter. First Trust Direct Indexing L.P. grew its holdings in ConocoPhillips by 5.6% in the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after purchasing an additional 1,390 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of ConocoPhillips during the second quarter valued at approximately $30,021,000. Finally, EP Wealth Advisors LLC increased its stake in shares of ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after purchasing an additional 4,578 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on COP. Scotiabank cut their price target on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research note on Friday, July 12th. Truist Financial cut their target price on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Susquehanna reduced their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Wells Fargo & Company dropped their price target on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho decreased their target price on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.29.

ConocoPhillips Trading Down 0.6 %

ConocoPhillips stock opened at $109.87 on Friday. The business has a 50-day simple moving average of $109.76 and a two-hundred day simple moving average of $116.57. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The company has a market cap of $127.59 billion, a P/E ratio of 12.44, a P/E/G ratio of 0.80 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company had revenue of $14.14 billion during the quarter, compared to analyst estimates of $14.96 billion. During the same period in the previous year, the business posted $1.84 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. Analysts predict that ConocoPhillips will post 8.41 EPS for the current year.

ConocoPhillips Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a $0.58 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a yield of 2.11%. ConocoPhillips’s dividend payout ratio is currently 26.27%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% of the stock is owned by company insiders.

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.