Cornerstone Advisors LLC Trims Stock Holdings in ConocoPhillips (NYSE:COP)

Cornerstone Advisors LLC decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,600 shares of the energy producer’s stock after selling 2,900 shares during the quarter. Cornerstone Advisors LLC’s holdings in ConocoPhillips were worth $6,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in COP. Orion Capital Management LLC purchased a new stake in ConocoPhillips in the 3rd quarter worth approximately $27,000. West Branch Capital LLC raised its stake in ConocoPhillips by 87.8% in the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Oliver Lagore Vanvalin Investment Group lifted its position in ConocoPhillips by 63.1% during the third quarter. Oliver Lagore Vanvalin Investment Group now owns 287 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 111 shares during the last quarter. Private Wealth Management Group LLC purchased a new position in ConocoPhillips in the 4th quarter worth approximately $34,000. Finally, Spartan Planning & Wealth Management bought a new position in shares of ConocoPhillips in the 3rd quarter worth $40,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Down 0.6 %

Shares of COP traded down $0.74 during trading hours on Monday, hitting $120.97. The company had a trading volume of 911,297 shares, compared to its average volume of 5,315,010. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35. The stock has a market capitalization of $141.48 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 2.68 and a beta of 1.25. ConocoPhillips has a 52-week low of $98.38 and a 52-week high of $135.18. The firm has a fifty day moving average price of $125.79 and a 200-day moving average price of $117.74.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 13th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, May 10th. ConocoPhillips’s payout ratio is 26.27%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Raymond James reduced their price objective on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Wells Fargo & Company raised their price objective on ConocoPhillips from $149.00 to $151.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Piper Sandler upped their target price on ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Finally, Scotiabank boosted their price objective on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.24.

Insider Buying and Selling

In related news, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the sale, the chief executive officer now directly owns 6,780 shares in the company, valued at approximately $853,669.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other ConocoPhillips news, VP Christopher P. Delk sold 8,505 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total value of $953,070.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ryan Michael Lance sold 607,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the transaction, the chief executive officer now directly owns 6,780 shares in the company, valued at $853,669.80. The disclosure for this sale can be found here. Insiders sold a total of 700,775 shares of company stock worth $87,615,169 in the last three months. Insiders own 0.34% of the company’s stock.

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.