IVC Wealth Advisors LLC Decreases Position in ConocoPhillips (NYSE:COP)

IVC Wealth Advisors LLC reduced its position in shares of ConocoPhillips (NYSE:COP) by 21.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,730 shares of the energy producer’s stock after selling 1,584 shares during the quarter. IVC Wealth Advisors LLC’s holdings in ConocoPhillips were worth $568,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of COP. Albion Financial Group UT lifted its holdings in ConocoPhillips by 876.9% in the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after buying an additional 228 shares during the period. Values First Advisors Inc. purchased a new position in ConocoPhillips in the third quarter worth about $26,000. Reston Wealth Management LLC bought a new position in ConocoPhillips in the 3rd quarter valued at approximately $31,000. Truvestments Capital LLC bought a new stake in ConocoPhillips in the 3rd quarter worth about $31,000. Finally, Global Wealth Strategies & Associates grew its stake in shares of ConocoPhillips by 80.5% in the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock worth $34,000 after acquiring an additional 153 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

NYSE COP opened at $104.07 on Friday. The company has a market cap of $119.77 billion, a PE ratio of 12.37, a P/E/G ratio of 0.86 and a beta of 1.19. ConocoPhillips has a 52-week low of $94.23 and a 52-week high of $135.18. 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 firm’s 50 day moving average price is $103.36 and its 200-day moving average price is $107.22.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results 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. The business had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s revenue was down 8.5% compared to the same quarter last year. During the same period last year, the business posted $2.16 EPS. Sell-side analysts forecast that ConocoPhillips will post 7.65 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.00%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, November 8th. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on COP shares. Raymond James increased their target price on ConocoPhillips from $148.00 to $157.00 and gave the company a “strong-buy” rating in a report on Thursday. Barclays raised their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Scotiabank dropped their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Truist Financial lifted their price objective on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Mizuho raised shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and increased their price target for the company from $132.00 to $134.00 in a report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $135.89.

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.