Cullen Capital Management LLC Buys 22,249 Shares of ConocoPhillips $COP

Cullen Capital Management LLC boosted its stake in shares of ConocoPhillips (NYSE:COP) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,957,016 shares of the energy producer’s stock after purchasing an additional 22,249 shares during the period. ConocoPhillips comprises 2.0% of Cullen Capital Management LLC’s portfolio, making the stock its 23rd largest holding. Cullen Capital Management LLC owned about 0.16% of ConocoPhillips worth $185,114,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Primecap Management Co. CA grew its holdings in shares of ConocoPhillips by 66.0% in the second quarter. Primecap Management Co. CA now owns 7,883,455 shares of the energy producer’s stock worth $707,461,000 after acquiring an additional 3,135,315 shares during the period. Ameriprise Financial Inc. grew its stake in shares of ConocoPhillips by 31.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock valued at $966,267,000 after purchasing an additional 2,575,803 shares during the period. First Trust Advisors LP grew its stake in shares of ConocoPhillips by 146.6% during the 2nd quarter. First Trust Advisors LP now owns 2,315,757 shares of the energy producer’s stock valued at $207,816,000 after purchasing an additional 1,376,509 shares during the period. Laurel Wealth Advisors LLC increased its position in shares of ConocoPhillips by 8,148.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 917,788 shares of the energy producer’s stock valued at $82,362,000 after purchasing an additional 906,661 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of ConocoPhillips by 18.0% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,565,154 shares of the energy producer’s stock worth $409,677,000 after purchasing an additional 697,700 shares during the period. Institutional investors own 82.36% of the company’s stock.

Insider Activity at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 500,708 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $92.50, for a total value of $46,315,490.00. Following the transaction, the chief executive officer directly owned 325,972 shares of the company’s stock, valued at approximately $30,152,410. The trade was a 60.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Mcraven purchased 5,768 shares of the company’s stock in a transaction on Monday, November 10th. The stock was acquired at an average price of $86.68 per share, with a total value of $499,970.24. Following the completion of the purchase, the director directly owned 5,768 shares in the company, valued at $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. 0.24% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on COP. Morgan Stanley dropped their price objective on shares of ConocoPhillips from $117.00 to $108.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Piper Sandler cut their price objective on shares of ConocoPhillips from $115.00 to $109.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $98.00 price objective on shares of ConocoPhillips in a research note on Tuesday, January 20th. Roth Mkm lifted their target price on ConocoPhillips from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Sixteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.96.

ConocoPhillips Trading Up 2.6%

Shares of ConocoPhillips stock opened at $107.63 on Thursday. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $108.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32. The company has a market capitalization of $133.00 billion, a P/E ratio of 15.22 and a beta of 0.32. The company has a fifty day moving average of $95.76 and a 200 day moving average of $93.52.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $15.03 billion for the quarter, compared to analysts’ expectations of $14.51 billion. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $1.78 earnings per share. On average, sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Profile

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.