ConocoPhillips (NYSE:COP) Shares Sold by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC lessened its holdings in ConocoPhillips (NYSE:COP) by 29.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,390 shares of the energy producer’s stock after selling 1,420 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in ConocoPhillips were worth $336,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Morse Asset Management Inc acquired a new position in ConocoPhillips during the third quarter worth approximately $805,000. Anchor Investment Management LLC increased its holdings in shares of ConocoPhillips by 5.5% in the 3rd quarter. Anchor Investment Management LLC now owns 11,322 shares of the energy producer’s stock valued at $1,192,000 after acquiring an additional 589 shares during the period. Fulcrum Equity Management raised its position in ConocoPhillips by 24.1% in the 3rd quarter. Fulcrum Equity Management now owns 5,939 shares of the energy producer’s stock valued at $625,000 after purchasing an additional 1,155 shares during the last quarter. World Investment Advisors LLC boosted its stake in ConocoPhillips by 746.7% during the 3rd quarter. World Investment Advisors LLC now owns 43,928 shares of the energy producer’s stock worth $4,625,000 after purchasing an additional 38,740 shares during the period. Finally, Arvest Bank Trust Division purchased a new position in ConocoPhillips during the 3rd quarter worth $11,549,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on COP shares. Raymond James cut ConocoPhillips from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $157.00 to $124.00 in a research report on Monday, February 10th. Truist Financial upped their price target on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. TD Cowen began coverage on shares of ConocoPhillips in a research report on Friday, January 17th. They issued a “buy” rating and a $125.00 price objective on the stock. JPMorgan Chase & Co. reduced their target price on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, UBS Group dropped their price target on shares of ConocoPhillips from $116.00 to $111.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and a consensus target price of $127.68.

ConocoPhillips Stock Performance

Shares of COP opened at $89.81 on Wednesday. The firm has a market capitalization of $113.53 billion, a PE ratio of 11.53, a P/E/G ratio of 0.79 and a beta of 0.83. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $94.89 and a 200 day moving average price of $101.03. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $130.77.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 3.47%. ConocoPhillips’s dividend payout ratio is currently 40.05%.

ConocoPhillips 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.