ConocoPhillips $COP Shares Sold by Summit Global Investments

Summit Global Investments trimmed its stake in ConocoPhillips (NYSE:COP) by 27.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,094 shares of the energy producer’s stock after selling 5,442 shares during the quarter. Summit Global Investments’ holdings in ConocoPhillips were worth $1,333,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position 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 worth $3,623,946,000 after buying an additional 287,970 shares during the period. Fisher Asset Management LLC grew its position in ConocoPhillips by 1.6% during the second quarter. Fisher Asset Management LLC now owns 14,393,875 shares of the energy producer’s stock valued at $1,291,706,000 after acquiring an additional 224,201 shares during the period. Ameriprise Financial Inc. increased its stake in ConocoPhillips by 31.4% during the second quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock worth $966,267,000 after acquiring an additional 2,575,803 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of ConocoPhillips by 66.0% in 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 during the period. Finally, Boston Partners raised its holdings in shares of ConocoPhillips by 4.0% in the 2nd quarter. Boston Partners now owns 6,424,232 shares of the energy producer’s stock worth $577,471,000 after purchasing an additional 244,810 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on COP. Bank of America reiterated an “underperform” rating and set a $102.00 target price on shares of ConocoPhillips in a report on Friday, January 16th. Susquehanna boosted their price objective on shares of ConocoPhillips from $110.00 to $115.00 and gave the stock a “positive” rating in a research note on Monday. Roth Mkm increased their price objective on shares of ConocoPhillips from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Raymond James Financial lifted their target price on shares of ConocoPhillips from $98.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, January 22nd. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of ConocoPhillips in a report on Monday, December 15th. Sixteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $110.96.

ConocoPhillips Price Performance

Shares of COP stock opened at $104.25 on Friday. The firm has a fifty day simple moving average of $94.70 and a 200-day simple moving average of $93.25. The company has a market capitalization of $128.82 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 3.26 and a beta of 0.32. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $106.20. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm had revenue of $15.03 billion for the quarter, compared to the consensus estimate of $14.51 billion. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 EPS. Equities research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.2%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date was Monday, November 17th. ConocoPhillips’s payout ratio is presently 47.52%.

Insider Transactions at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 500,708 shares of the stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $92.50, for a total value of $46,315,490.00. Following the completion of the transaction, the chief executive officer owned 325,972 shares of the company’s stock, valued at approximately $30,152,410. This represents a 60.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William H. Mcraven acquired 5,768 shares of the company’s stock in a transaction on Monday, November 10th. The shares were acquired at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the acquisition, the director directly owned 5,768 shares in the company, valued at $499,970.24. The trade was a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.24% of the company’s stock.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Federal judge cleared ConocoPhillips to proceed with its winter drilling program in Alaska, reducing near-term legal uncertainty that could have delayed production and spending. Federal judge rules that ConocoPhillips can proceed with winter drilling program
• Positive Sentiment: Regulatory clearance was echoed in coverage that a judge “green-lit” COP’s Alaska drilling program, further lowering execution risk for Arctic activity. Judge green-lights ConocoPhillips Alaska oil drilling program
• Positive Sentiment: Geopolitical risk has pushed oil prices higher (Iran/strait-of-Hormuz concerns), which benefits integrated E&P names like ConocoPhillips through stronger commodity realizations and cash flow. Oil Rallies On Iran War Fears – 5 Integrated Energy Giants With Big Dividends
• Neutral Sentiment: ConocoPhillips says its plans for four new Arctic wells are unaffected by the toppled rig, which suggests management expects limited near-term disruption to the development schedule. ConocoPhillips’ plans for 4 new Arctic wells unaffected by toppled rig, company says
• Neutral Sentiment: Coverage notes the company called the Doyon rig destruction “a sad day” but downplayed major impacts; investors should watch for official damage/insurance updates. ConocoPhillips execs call Doyon oil rig destruction a ‘sad day,’ but no major impacts expected
• Negative Sentiment: An Arctic rig toppled and ignited a fire — an operational and reputational risk that could lead to added costs, regulatory scrutiny or delays if follow-up inspections or litigation arise. Monitor incident reports and any updates from regulators. As an Oil Rig Topples in the Alaskan Arctic and Ignites a Fire, Exploration There Continues
• Negative Sentiment: Analysts expect a year-over-year earnings decline for the upcoming quarter, which could cap near-term upside if results miss expectations or guidance is cautious. Analysts Estimate ConocoPhillips (COP) to Report a Decline in Earnings: What to Look Out for

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.