Wedge Capital Management L L P NC Sells 137,325 Shares of ConocoPhillips (NYSE:COP)

Wedge Capital Management L L P NC trimmed its position in ConocoPhillips (NYSE:COP) by 98.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,221 shares of the energy producer’s stock after selling 137,325 shares during the period. Wedge Capital Management L L P NC’s holdings in ConocoPhillips were worth $258,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. RWA Wealth Partners LLC lifted its holdings in shares of ConocoPhillips by 42.9% in the fourth quarter. RWA Wealth Partners LLC now owns 10,003 shares of the energy producer’s stock valued at $1,161,000 after purchasing an additional 3,004 shares in the last quarter. Sage Mountain Advisors LLC increased its position in shares of ConocoPhillips by 13.4% in the fourth quarter. Sage Mountain Advisors LLC now owns 6,111 shares of the energy producer’s stock valued at $709,000 after acquiring an additional 724 shares during the last quarter. Townsend Asset Management Corp NC ADV increased its position in shares of ConocoPhillips by 11.0% in the fourth quarter. Townsend Asset Management Corp NC ADV now owns 3,538 shares of the energy producer’s stock valued at $411,000 after acquiring an additional 351 shares during the last quarter. Diversified LLC acquired a new stake in shares of ConocoPhillips in the fourth quarter valued at about $215,000. Finally, Greenwich Wealth Management LLC increased its position in shares of ConocoPhillips by 9.5% in the fourth quarter. Greenwich Wealth Management LLC now owns 2,762 shares of the energy producer’s stock valued at $321,000 after acquiring an additional 240 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $130.23 on Friday. ConocoPhillips has a 12 month low of $95.70 and a 12 month high of $135.18. The stock’s 50 day moving average is $122.49 and its 200-day moving average is $117.64. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $153.20 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 2.72 and a beta of 1.24.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, February 8th. The energy producer reported $2.40 EPS for the quarter, beating the consensus estimate of $2.08 by $0.32. The company had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $14.47 billion. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. During the same quarter in the prior year, the business earned $2.71 earnings per share. Equities research analysts expect that ConocoPhillips will post 9.57 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Monday, February 19th were paid a $0.78 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Thursday, February 15th. ConocoPhillips’s payout ratio is 25.61%.

Insider Activity at ConocoPhillips

In related news, VP Christopher P. Delk sold 8,505 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $112.06, for a total value of $953,070.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ConocoPhillips news, VP Christopher P. Delk sold 8,505 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $112.06, for a total transaction of $953,070.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dominic E. Macklon sold 23,372 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $112.17, for a total value of $2,621,637.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 700,775 shares of company stock worth $87,615,169. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James lowered their target price on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Mizuho reaffirmed a “neutral” rating and issued a $139.00 target price (up previously from $132.00) on shares of ConocoPhillips in a research report on Friday, March 22nd. Truist Financial lowered their target price on ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Morgan Stanley lifted their target price on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Wells Fargo & Company boosted their price target on ConocoPhillips from $141.00 to $149.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Profile

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.