Mediolanum International Funds Ltd Trims Stock Position in ConocoPhillips $COP

Mediolanum International Funds Ltd decreased its position in ConocoPhillips (NYSE:COP) by 10.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 296,013 shares of the energy producer’s stock after selling 36,207 shares during the period. Mediolanum International Funds Ltd’s holdings in ConocoPhillips were worth $28,373,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in COP. Souders Financial Advisors raised its position in ConocoPhillips by 39.8% in the third quarter. Souders Financial Advisors now owns 5,126 shares of the energy producer’s stock valued at $485,000 after purchasing an additional 1,459 shares during the period. Mutual Advisors LLC raised its holdings in ConocoPhillips by 10.8% in the 3rd quarter. Mutual Advisors LLC now owns 18,930 shares of the energy producer’s stock valued at $1,705,000 after buying an additional 1,840 shares during the period. Lee Financial Co acquired a new position in ConocoPhillips in the third quarter valued at about $311,000. Frank Rimerman Advisors LLC boosted its stake in ConocoPhillips by 23.3% during the third quarter. Frank Rimerman Advisors LLC now owns 11,112 shares of the energy producer’s stock worth $1,051,000 after buying an additional 2,103 shares during the period. Finally, Everhart Financial Group Inc. increased its position in shares of ConocoPhillips by 2.3% during the third quarter. Everhart Financial Group Inc. now owns 8,186 shares of the energy producer’s stock valued at $774,000 after acquiring an additional 182 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Federal judge cleared ConocoPhillips to proceed with its winter drilling program in Alaska, reducing near-term legal uncertainty that could have delayed production and spending. Federal judge rules that ConocoPhillips can proceed with winter drilling program
• Positive Sentiment: Regulatory clearance was echoed in coverage that a judge “green-lit” COP’s Alaska drilling program, further lowering execution risk for Arctic activity. Judge green-lights ConocoPhillips Alaska oil drilling program
• Positive Sentiment: Geopolitical risk has pushed oil prices higher (Iran/strait-of-Hormuz concerns), which benefits integrated E&P names like ConocoPhillips through stronger commodity realizations and cash flow. Oil Rallies On Iran War Fears – 5 Integrated Energy Giants With Big Dividends
• Neutral Sentiment: ConocoPhillips says its plans for four new Arctic wells are unaffected by the toppled rig, which suggests management expects limited near-term disruption to the development schedule. ConocoPhillips’ plans for 4 new Arctic wells unaffected by toppled rig, company says
• Neutral Sentiment: Coverage notes the company called the Doyon rig destruction “a sad day” but downplayed major impacts; investors should watch for official damage/insurance updates. ConocoPhillips execs call Doyon oil rig destruction a ‘sad day,’ but no major impacts expected
• Negative Sentiment: An Arctic rig toppled and ignited a fire — an operational and reputational risk that could lead to added costs, regulatory scrutiny or delays if follow-up inspections or litigation arise. Monitor incident reports and any updates from regulators. As an Oil Rig Topples in the Alaskan Arctic and Ignites a Fire, Exploration There Continues
• Negative Sentiment: Analysts expect a year-over-year earnings decline for the upcoming quarter, which could cap near-term upside if results miss expectations or guidance is cautious. Analysts Estimate ConocoPhillips (COP) to Report a Decline in Earnings: What to Look Out for

Insider Activity

In other news, CEO Ryan Michael Lance sold 500,708 shares of ConocoPhillips stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $92.50, for a total transaction of $46,315,490.00. Following the sale, the chief executive officer owned 325,972 shares in the company, valued at approximately $30,152,410. The trade was a 60.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Mcraven bought 5,768 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average cost of $86.68 per share, with a total value of $499,970.24. Following the completion of the transaction, the director owned 5,768 shares in the company, valued at approximately $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

COP has been the subject of several research reports. Wall Street Zen upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. BMO Capital Markets cut their price objective on ConocoPhillips from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Sanford C. Bernstein lowered their target price on ConocoPhillips from $116.00 to $98.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Piper Sandler dropped their target price on ConocoPhillips from $115.00 to $109.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Finally, Roth Mkm increased their price target on shares of ConocoPhillips from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $110.96.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $104.25 on Friday. The stock’s 50-day simple moving average is $94.70 and its 200-day simple moving average is $93.25. The firm has a market capitalization of $128.82 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 3.26 and a beta of 0.32. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $106.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.51 billion. During the same quarter in the previous year, the firm earned $1.78 EPS. The company’s revenue was up 14.1% compared to the same quarter last year. As a group, equities research analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a $0.84 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, November 17th. ConocoPhillips’s payout ratio is currently 47.52%.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.