McElhenny Sheffield Capital Management LLC bought a new position in shares of ConocoPhillips (NYSE:COP – Get Rating) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 917 shares of the energy producer’s stock, valued at approximately $108,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC raised its stake in ConocoPhillips by 64.8% in the second quarter. FMR LLC now owns 21,177,310 shares of the energy producer’s stock valued at $1,901,935,000 after purchasing an additional 8,323,587 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in ConocoPhillips by 53.4% in the third quarter. UBS Asset Management Americas Inc. now owns 7,338,622 shares of the energy producer’s stock valued at $751,035,000 after purchasing an additional 2,555,634 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in ConocoPhillips by 12.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 22,866,527 shares of the energy producer’s stock valued at $2,053,643,000 after purchasing an additional 2,472,255 shares in the last quarter. Cowa LLC raised its stake in ConocoPhillips by 6,475.2% in the first quarter. Cowa LLC now owns 2,375,224 shares of the energy producer’s stock valued at $2,383,000 after purchasing an additional 2,339,100 shares in the last quarter. Finally, Yacktman Asset Management LP raised its stake in ConocoPhillips by 559.1% in the third quarter. Yacktman Asset Management LP now owns 1,766,770 shares of the energy producer’s stock valued at $180,811,000 after purchasing an additional 1,498,720 shares in the last quarter. Institutional investors and hedge funds own 81.76% of the company’s stock.
Insider Buying and Selling
In related news, Director R A. Walker acquired 4,800 shares of the business’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were bought at an average cost of $103.00 per share, with a total value of $494,400.00. Following the completion of the purchase, the director now directly owns 27,600 shares in the company, valued at $2,842,800. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.08% of the stock is owned by insiders.
ConocoPhillips Stock Performance
ConocoPhillips (NYSE:COP – Get Rating) last posted its quarterly earnings data on Thursday, February 2nd. The energy producer reported $2.71 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.01). The company had revenue of $19.26 billion during the quarter, compared to analyst estimates of $18.16 billion. ConocoPhillips had a return on equity of 35.30% and a net margin of 22.74%. ConocoPhillips’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.27 earnings per share. Equities research analysts anticipate that ConocoPhillips will post 11.79 earnings per share for the current year.
ConocoPhillips Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Wednesday, March 29th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, March 28th. ConocoPhillips’s dividend payout ratio is currently 14.06%.
Analysts Set New Price Targets
A number of research analysts recently commented on COP shares. Scotiabank downgraded ConocoPhillips from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $145.00 to $140.00 in a research note on Tuesday, January 17th. Argus boosted their price target on ConocoPhillips from $125.00 to $150.00 in a research note on Monday, November 21st. Wells Fargo & Company lifted their target price on ConocoPhillips from $154.00 to $156.00 and gave the company an “overweight” rating in a research report on Tuesday, January 10th. Piper Sandler lifted their target price on ConocoPhillips from $155.00 to $157.00 and gave the company an “overweight” rating in a research report on Monday, December 19th. Finally, Societe Generale cut ConocoPhillips from a “hold” rating to a “sell” rating and lifted their target price for the company from $106.00 to $114.00 in a research report on Monday, November 21st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $136.86.
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International.
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