Truist Financial Corp Cuts Stake in ConocoPhillips (NYSE:COP)

Truist Financial Corp reduced its stake in ConocoPhillips (NYSE:COP) by 0.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,364,100 shares of the energy producer’s stock after selling 3,757 shares during the quarter. Truist Financial Corp’s holdings in ConocoPhillips were worth $158,331,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sloy Dahl & Holst LLC increased its holdings in ConocoPhillips by 3.3% in the 3rd quarter. Sloy Dahl & Holst LLC now owns 2,629 shares of the energy producer’s stock worth $315,000 after buying an additional 85 shares in the last quarter. KLCM Advisors Inc. increased its holdings in ConocoPhillips by 2.8% in the 3rd quarter. KLCM Advisors Inc. now owns 3,305 shares of the energy producer’s stock worth $396,000 after buying an additional 89 shares in the last quarter. Evergreen Capital Management LLC increased its holdings in ConocoPhillips by 0.5% in the 3rd quarter. Evergreen Capital Management LLC now owns 18,944 shares of the energy producer’s stock worth $2,270,000 after buying an additional 89 shares in the last quarter. Endowment Wealth Management Inc. increased its holdings in ConocoPhillips by 4.6% in the 3rd quarter. Endowment Wealth Management Inc. now owns 2,055 shares of the energy producer’s stock worth $246,000 after buying an additional 90 shares in the last quarter. Finally, Your Advocates Ltd. LLP increased its holdings in ConocoPhillips by 2.9% in the 3rd quarter. Your Advocates Ltd. LLP now owns 3,340 shares of the energy producer’s stock worth $400,000 after buying an additional 93 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of NYSE:COP traded up $0.13 during mid-day trading on Friday, reaching $130.24. 4,823,139 shares of the company traded hands, compared to its average volume of 3,808,210. ConocoPhillips has a 52 week low of $95.70 and a 52 week high of $135.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. The firm has a market cap of $153.22 billion, a PE ratio of 14.38, a PEG ratio of 2.72 and a beta of 1.24. The company’s 50 day moving average price is $122.49 and its 200-day moving average price is $117.64.

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

ConocoPhillips Increases Dividend

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

Insiders Place Their Bets

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the transaction, the executive vice president now directly owns 14,522 shares in the company, valued at approximately $1,836,161.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the sale, the chief executive officer now owns 6,780 shares in the company, valued at approximately $853,669.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the sale, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock worth $87,615,169 in the last three months. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on COP shares. Barclays started coverage on ConocoPhillips in a report on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 price objective for the company. Scotiabank lifted their price objective on ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a report on Thursday, April 11th. UBS Group boosted their price target on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Mizuho restated a “neutral” rating and set a $139.00 price target (up from $132.00) on shares of ConocoPhillips in a research note on Friday, March 22nd. Finally, Susquehanna boosted their price target on ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.24.

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.