Sippican Capital Advisors Sells 4,136 Shares of ConocoPhillips (NYSE:COP)

Sippican Capital Advisors reduced its stake in shares of ConocoPhillips (NYSE:COP) by 43.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,428 shares of the energy producer’s stock after selling 4,136 shares during the quarter. Sippican Capital Advisors’ holdings in ConocoPhillips were worth $571,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Manning & Napier Advisors LLC bought a new position in ConocoPhillips in the second quarter valued at approximately $30,021,000. EP Wealth Advisors LLC raised its holdings in shares of ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after acquiring an additional 4,578 shares during the period. Alpha DNA Investment Management LLC raised its holdings in shares of ConocoPhillips by 83.8% during the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock worth $1,879,000 after acquiring an additional 7,490 shares during the period. TCW Group Inc. raised its holdings in shares of ConocoPhillips by 37.8% during the second quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock worth $3,434,000 after acquiring an additional 8,231 shares during the period. Finally, Doheny Asset Management CA acquired a new stake in shares of ConocoPhillips during the second quarter worth $815,000. 82.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial lowered their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. StockNews.com downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Finally, Wolfe Research started coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective for the company. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $136.94.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

ConocoPhillips stock traded up $5.18 during midday trading on Thursday, hitting $108.16. The company’s stock had a trading volume of 1,098,398 shares, compared to its average volume of 5,849,427. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The company has a 50-day moving average price of $108.02 and a two-hundred day moving average price of $113.20. The company has a market cap of $125.60 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 0.85 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter in the previous year, the company earned $1.84 EPS. The business’s revenue was up 9.7% on a year-over-year basis. As a group, sell-side analysts predict that ConocoPhillips will post 7.85 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be given 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 2.88%. ConocoPhillips’s payout ratio is presently 25.86%.

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.