Cohen Klingenstein LLC Sells 3,000 Shares of ConocoPhillips (NYSE:COP)

Cohen Klingenstein LLC decreased its stake in shares of ConocoPhillips (NYSE:COP) by 9.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,500 shares of the energy producer’s stock after selling 3,000 shares during the period. Cohen Klingenstein LLC’s holdings in ConocoPhillips were worth $2,826,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp raised its position in shares of ConocoPhillips by 19.0% in the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock worth $7,046,263,000 after acquiring an additional 10,663,093 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of ConocoPhillips by 20.2% in the 3rd quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock worth $3,280,725,000 after acquiring an additional 5,240,016 shares in the last quarter. Fisher Asset Management LLC grew its holdings in ConocoPhillips by 59.7% in the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock worth $1,311,369,000 after purchasing an additional 4,656,040 shares during the period. Pacer Advisors Inc. raised its position in ConocoPhillips by 5,422.3% in the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock worth $482,996,000 after buying an additional 4,504,653 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of ConocoPhillips by 401.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,423,611 shares of the energy producer’s stock valued at $438,690,000 after acquiring an additional 3,541,504 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Arjun N. Murti acquired 2,500 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was bought at an average cost of $95.87 per share, with a total value of $239,675.00. Following the completion of the purchase, the director now directly owns 21,500 shares in the company, valued at $2,061,205. The trade was a 13.16 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R A. Walker acquired 10,400 shares of the company’s stock in a transaction dated 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 completion of the purchase, the director now owns 38,000 shares of the company’s stock, valued at approximately $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 company insiders.

ConocoPhillips Stock Up 0.1 %

Shares of NYSE COP opened at $105.76 on Friday. ConocoPhillips has a 1 year low of $94.23 and a 1 year high of $135.18. The firm has a 50-day simple moving average of $103.91 and a two-hundred day simple moving average of $107.53. The company has a market cap of $121.72 billion, a P/E ratio of 12.58, a PEG ratio of 0.81 and a beta of 1.19. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (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 company had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the previous year, the business earned $2.16 EPS. ConocoPhillips’s revenue was down 8.5% compared to the same quarter last year. Research analysts anticipate that ConocoPhillips will post 7.7 earnings per share for the current year.

ConocoPhillips Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial raised their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. TD Cowen started coverage on ConocoPhillips in a research report on Friday. They set a “buy” rating and a $125.00 target price on the stock. Mizuho raised shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $132.00 to $134.00 in a report on Monday, December 16th. Barclays upped their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $136.00.

ConocoPhillips Company 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.