Cornerstone Wealth Group LLC Sells 14,995 Shares of ConocoPhillips $COP

Cornerstone Wealth Group LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 24.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,951 shares of the energy producer’s stock after selling 14,995 shares during the period. Cornerstone Wealth Group LLC’s holdings in ConocoPhillips were worth $5,646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Victory Capital Management Inc. lifted its holdings in ConocoPhillips by 14.7% during the 3rd quarter. Victory Capital Management Inc. now owns 2,331,176 shares of the energy producer’s stock worth $220,506,000 after purchasing an additional 298,245 shares in the last quarter. Natixis Advisors LLC grew its holdings in ConocoPhillips by 8.7% during the 3rd quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer’s stock valued at $188,842,000 after buying an additional 160,410 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in shares of ConocoPhillips by 31.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer’s stock valued at $8,067,000 after buying an additional 20,501 shares during the period. SPX Gestao de Recursos Ltda bought a new stake in shares of ConocoPhillips during the third quarter valued at about $1,892,000. Finally, D.A. Davidson & CO. lifted its holdings in shares of ConocoPhillips by 10.5% in the fourth quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock worth $14,572,000 after buying an additional 14,833 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Barclays raised their price objective on shares of ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Sanford C. Bernstein increased their target price on shares of ConocoPhillips from $98.00 to $121.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Citigroup raised their price target on shares of ConocoPhillips from $135.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Mizuho boosted their price target on shares of ConocoPhillips from $136.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Piper Sandler upped their price target on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $134.04.

ConocoPhillips Stock Down 0.7%

Shares of NYSE COP opened at $105.63 on Friday. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.87. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $128.69 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.17 and a beta of 0.11. The business has a 50-day moving average of $117.29 and a 200-day moving average of $111.81.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. The business had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. ConocoPhillips’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm posted $2.09 earnings per share. Sell-side analysts expect that ConocoPhillips will post 10.03 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.2%. ConocoPhillips’s dividend payout ratio is presently 57.05%.

Insider Activity at ConocoPhillips

In other news, CEO Ryan Michael Lance sold 113,221 shares of the firm’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total transaction of $15,025,558.91. Following the sale, the chief executive officer owned 350,000 shares in the company, valued at approximately $46,448,500. This trade represents a 24.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.09% of the stock is owned by insiders.

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.