Van ECK Associates Corp Sells 232,824 Shares of ConocoPhillips (NYSE:COP)

Van ECK Associates Corp reduced its stake in ConocoPhillips (NYSE:COP) by 28.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 595,515 shares of the energy producer’s stock after selling 232,824 shares during the period. Van ECK Associates Corp’s holdings in ConocoPhillips were worth $69,121,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Northern Trust Corp increased its holdings in ConocoPhillips by 3.2% during the 3rd quarter. Northern Trust Corp now owns 12,486,871 shares of the energy producer’s stock worth $1,495,927,000 after acquiring an additional 386,276 shares during the period. Bank of New York Mellon Corp grew its position in shares of ConocoPhillips by 10.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,028,061 shares of the energy producer’s stock valued at $1,440,962,000 after purchasing an additional 1,152,907 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of ConocoPhillips by 8.9% in the third quarter. Ameriprise Financial Inc. now owns 8,063,795 shares of the energy producer’s stock worth $968,410,000 after buying an additional 659,632 shares in the last quarter. Lazard Asset Management LLC increased its stake in ConocoPhillips by 1.1% in the 3rd quarter. Lazard Asset Management LLC now owns 7,086,681 shares of the energy producer’s stock worth $848,984,000 after acquiring an additional 74,278 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of ConocoPhillips by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,472,590 shares of the energy producer’s stock worth $775,416,000 after purchasing an additional 33,466 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 1.7 %

Shares of NYSE COP traded down $2.23 during trading on Tuesday, reaching $127.99. The company had a trading volume of 1,000,581 shares, compared to its average volume of 5,278,685. ConocoPhillips has a 12-month low of $95.70 and a 12-month high of $135.18. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36. The business’s 50-day moving average is $122.88 and its 200 day moving average is $117.67. The stock has a market cap of $150.57 billion, a PE ratio of 14.37, a P/E/G ratio of 2.72 and a beta of 1.24.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. The business had revenue of $15.31 billion during the quarter, compared to analyst estimates of $14.47 billion. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. During the same period last year, the business earned $2.71 EPS. As a group, equities analysts forecast that ConocoPhillips will post 9.57 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were paid a $0.78 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $3.12 annualized dividend and a dividend yield of 2.44%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is currently 25.61%.

Analyst Upgrades and Downgrades

Several research firms recently commented on COP. Piper Sandler increased their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Wells Fargo & Company raised their price objective on ConocoPhillips from $141.00 to $149.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. Susquehanna boosted their target price on ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Mizuho restated a “neutral” rating and set a $139.00 target price (up from $132.00) on shares of ConocoPhillips in a report on Friday, March 22nd. Finally, UBS Group lifted their price target on ConocoPhillips from $138.00 to $143.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average price target of $142.65.

Insiders Place Their Bets

In related news, SVP Heather G. Hrap sold 4,548 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the sale, the senior vice president now owns 2,654 shares in the company, valued at $293,399.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other ConocoPhillips news, SVP Heather G. Hrap sold 4,548 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $110.55, for a total transaction of $502,781.40. Following the completion of the sale, the senior vice president now directly owns 2,654 shares in the company, valued at approximately $293,399.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Christopher P. Delk sold 8,505 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 700,775 shares of company stock valued at $87,615,169. 0.34% of the stock is owned by insiders.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.