Shulman DeMeo Asset Management LLC Sells 119 Shares of ConocoPhillips (NYSE:COP)

Shulman DeMeo Asset Management LLC reduced its position in ConocoPhillips (NYSE:COP) by 3.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 3,289 shares of the energy producer’s stock after selling 119 shares during the period. Shulman DeMeo Asset Management LLC’s holdings in ConocoPhillips were worth $326,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Edgestream Partners L.P. lifted its position in ConocoPhillips by 444.8% during the second quarter. Edgestream Partners L.P. now owns 13,484 shares of the energy producer’s stock valued at $1,542,000 after purchasing an additional 11,009 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in shares of ConocoPhillips by 3.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 292,282 shares of the energy producer’s stock worth $33,425,000 after buying an additional 10,032 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in ConocoPhillips by 7.5% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 43,036 shares of the energy producer’s stock valued at $4,922,000 after acquiring an additional 3,013 shares during the last quarter. Garner Asset Management Corp grew its stake in shares of ConocoPhillips by 25.1% during the 2nd quarter. Garner Asset Management Corp now owns 17,710 shares of the energy producer’s stock valued at $2,026,000 after purchasing an additional 3,548 shares during the period. Finally, MRP Capital Investments LLC boosted its holdings in shares of ConocoPhillips by 4.3% in the second quarter. MRP Capital Investments LLC now owns 2,430 shares of the energy producer’s stock worth $278,000 after buying an additional 100 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP opened at $105.62 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The stock has a 50-day moving average of $104.05 and a two-hundred day moving average of $107.54. The stock has a market cap of $121.56 billion, a P/E ratio of 12.56, a P/E/G ratio of 0.81 and a beta of 1.19. ConocoPhillips has a one year low of $94.23 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter in the prior year, the firm earned $2.16 earnings per share. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. As a group, research analysts predict that ConocoPhillips will post 7.7 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on COP shares. Morgan Stanley began coverage on shares of ConocoPhillips in a research note on Monday, December 16th. They set an “overweight” rating and a $128.00 price target on the stock. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $132.00 to $134.00 in a research report on Monday, December 16th. Evercore ISI reaffirmed an “outperform” rating and issued a $165.00 target price on shares of ConocoPhillips in a report on Friday, December 6th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Finally, Piper Sandler cut their target price on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $136.65.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Arjun N. Murti bought 2,500 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were purchased at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the transaction, the director now directly owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. The trade was a 13.16 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director R A. Walker purchased 10,400 shares of the stock in a transaction on Tuesday, December 17th. The shares were acquired at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This represents a 37.68 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by 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.