Carret Asset Management LLC Sells 5,425 Shares of ConocoPhillips $COP

Carret Asset Management LLC lowered its stake in shares of ConocoPhillips (NYSE:COP) by 29.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,095 shares of the energy producer’s stock after selling 5,425 shares during the period. Carret Asset Management LLC’s holdings in ConocoPhillips were worth $1,226,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. AXA S.A. lifted its holdings in ConocoPhillips by 91.1% during the 2nd quarter. AXA S.A. now owns 84,937 shares of the energy producer’s stock worth $7,622,000 after purchasing an additional 40,499 shares in the last quarter. Sei Investments Co. grew its holdings in ConocoPhillips by 6.1% during the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock valued at $70,397,000 after buying an additional 44,852 shares in the last quarter. BNP Paribas purchased a new position in ConocoPhillips during the 2nd quarter valued at about $33,000. Osterweis Capital Management Inc. bought a new stake in shares of ConocoPhillips during the second quarter valued at about $151,000. Finally, Main Street Financial Solutions LLC increased its position in shares of ConocoPhillips by 53.5% during the second quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer’s stock valued at $431,000 after buying an additional 1,675 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Nicholas G. Olds sold 6,994 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $127.06, for a total value of $888,657.64. Following the completion of the sale, the executive vice president owned 5,395 shares in the company, valued at $685,488.70. The trade was a 56.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kelly Brunetti Rose sold 7,700 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $130.03, for a total value of $1,001,231.00. Following the completion of the sale, the senior vice president directly owned 25,284 shares of the company’s stock, valued at approximately $3,287,678.52. This represents a 23.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 634,715 shares of company stock worth $81,410,816. 0.09% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on COP shares. Freedom Capital lowered shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada raised their price target on shares of ConocoPhillips from $118.00 to $152.00 and gave the company an “outperform” rating in a report on Wednesday, April 8th. Mizuho upped their price target on shares of ConocoPhillips from $136.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Barclays lifted their price objective on ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Citigroup upped their target price on ConocoPhillips from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Seventeen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average price target of $134.48.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips signed a deal with Syria’s state oil company and Novaterra to revive gas production and develop new fields, which could add long-term production opportunities and improve growth prospects. Syria signs deal with ConocoPhillips, Novaterra to revive gas production
• Positive Sentiment: Investors are also focused on ConocoPhillips’ Alaska North Slope strategy, including the Willow project, which could eventually add meaningful free cash flow if it reaches full production. This Top Oil Stock Expects an Unlikely Source to Help It Double Its Free Cash Flow by 2029.
• Neutral Sentiment: Energy-sector selling has been broad-based, with the NYSE Energy Sector Index falling in afternoon trading, suggesting COP’s move is being driven more by sector weakness than by a company-specific setback. Sector Update: Energy Stocks Decline Late Afternoon
• Negative Sentiment: Lower oil prices after the U.S.-Iran interim peace deal have weighed on ConocoPhillips and other oil producers, reducing near-term expectations for upstream earnings and cash flow. Oil Prices Slump, Exxon and Chevron Stocks Drop After Trump Iran Deal

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $111.22 on Wednesday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The stock has a market cap of $135.50 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 1.24 and a beta of 0.11. The firm’s fifty day moving average price is $119.87 and its 200-day moving average price is $110.97.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. The company had revenue of $15.76 billion during the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.09 earnings per share. On average, equities research analysts expect that ConocoPhillips will post 10.03 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s dividend payout ratio is presently 57.05%.

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.