ConocoPhillips (NYSE:COP) Stock Position Lessened by Verus Capital Partners LLC
Verus Capital Partners LLC trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 6.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,609 shares of the energy producer’s stock after selling 310 shares during the period. Verus Capital Partners LLC’s holdings in ConocoPhillips were worth $142,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Hall Laurie J Trustee raised its holdings in ConocoPhillips by 34.5% during the fourth quarter. Hall Laurie J Trustee now owns 780 shares of the energy producer’s stock worth $51,000 after purchasing an additional 200 shares in the last quarter. Financial Architects Inc raised its stake in shares of ConocoPhillips by 6.9% in the 4th quarter. Financial Architects Inc now owns 3,165 shares of the energy producer’s stock worth $206,000 after buying an additional 203 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of ConocoPhillips by 2.5% in the fourth quarter. Assetmark Inc. now owns 10,061 shares of the energy producer’s stock valued at $654,000 after buying an additional 243 shares during the period. Jackson Hole Capital Partners LLC boosted its stake in ConocoPhillips by 3.0% during the first quarter. Jackson Hole Capital Partners LLC now owns 8,693 shares of the energy producer’s stock valued at $268,000 after buying an additional 250 shares in the last quarter. Finally, Center for Financial Planning Inc. grew its holdings in ConocoPhillips by 5.3% during the first quarter. Center for Financial Planning Inc. now owns 4,991 shares of the energy producer’s stock worth $154,000 after acquiring an additional 252 shares during the period. Institutional investors and hedge funds own 72.35% of the company’s stock.
In other ConocoPhillips news, Director David Thomas Seaton purchased 2,400 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average price of $41.03 per share, for a total transaction of $98,472.00. Following the completion of the purchase, the director now directly owns 2,500 shares of the company’s stock, valued at $102,575. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by insiders.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.22. ConocoPhillips had a net margin of 11.51% and a return on equity of 10.02%. The firm had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the previous year, the company earned $1.00 earnings per share. On average, sell-side analysts expect that ConocoPhillips will post -0.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.68 dividend on an annualized basis and a yield of 4.13%. ConocoPhillips’s dividend payout ratio is currently 46.80%.
A number of brokerages have recently commented on COP. Piper Sandler raised their price objective on ConocoPhillips from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Morgan Stanley cut their target price on shares of ConocoPhillips from $79.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, March 16th. Bank of America downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and raised their price target for the stock from $43.00 to $46.00 in a research note on Friday, May 1st. They noted that the move was a valuation call. Wells Fargo & Co lifted their price objective on shares of ConocoPhillips from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Finally, UBS Group reduced their target price on ConocoPhillips from $85.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, March 31st. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $57.17.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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