Central Pacific Bank Trust Division Cuts Position in ConocoPhillips (NYSE:COP)

Central Pacific Bank Trust Division cut its holdings in ConocoPhillips (NYSE:COP) by 18.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,898 shares of the energy producer’s stock after selling 2,935 shares during the quarter. Central Pacific Bank Trust Division’s holdings in ConocoPhillips were worth $1,279,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. General Partner Inc. increased its stake in shares of ConocoPhillips by 50.5% during the fourth quarter. General Partner Inc. now owns 2,232 shares of the energy producer’s stock worth $221,000 after purchasing an additional 749 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of ConocoPhillips by 38.0% in the fourth quarter. GAMMA Investing LLC now owns 28,123 shares of the energy producer’s stock valued at $2,789,000 after acquiring an additional 7,739 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of ConocoPhillips by 46.4% in the fourth quarter. Versant Capital Management Inc now owns 4,439 shares of the energy producer’s stock worth $440,000 after acquiring an additional 1,406 shares during the last quarter. Peirce Capital Management LLC grew its holdings in shares of ConocoPhillips by 69.6% during the fourth quarter. Peirce Capital Management LLC now owns 4,534 shares of the energy producer’s stock worth $450,000 after buying an additional 1,860 shares in the last quarter. Finally, Global Wealth Strategies & Associates grew its stake in ConocoPhillips by 80.5% during the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after acquiring an additional 153 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Up 1.2 %

COP traded up $1.23 on Friday, reaching $101.31. The company’s stock had a trading volume of 2,021,527 shares, compared to its average volume of 3,522,212. ConocoPhillips has a 1 year low of $94.23 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock has a market cap of $116.60 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 0.83 and a beta of 1.18. The business’s 50 day moving average is $104.85 and its 200 day moving average is $108.20.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.16 earnings per share. As a group, research analysts forecast that ConocoPhillips will post 7.77 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 3.08%. ConocoPhillips’s payout ratio is presently 37.10%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on COP. Piper Sandler cut their price target on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Truist Financial reduced their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Susquehanna upped their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a report on Friday, November 1st. Barclays lifted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company increased their price target on shares of ConocoPhillips from $131.00 to $134.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, ConocoPhillips has a consensus rating of “Buy” and a consensus price target of $136.71.

Insiders Place Their Bets

In other news, Director R A. Walker acquired 10,400 shares of ConocoPhillips stock in a transaction on Tuesday, December 17th. The shares were purchased at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the acquisition, the director now owns 38,000 shares in the company, valued at $3,716,400. This represents a 37.68 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Arjun N. Murti purchased 2,500 shares of the stock in a transaction dated Friday, December 20th. The shares were acquired at an average price of $95.87 per share, with a total value of $239,675.00. Following the transaction, the director now owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

ConocoPhillips Profile

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.