Drive Wealth Management LLC Has $1.43 Million Holdings in ConocoPhillips (NYSE:COP)

Drive Wealth Management LLC lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 6.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,452 shares of the energy producer’s stock after selling 1,003 shares during the period. Drive Wealth Management LLC’s holdings in ConocoPhillips were worth $1,433,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in ConocoPhillips by 27.2% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,967 shares of the energy producer’s stock valued at $1,286,000 after purchasing an additional 2,770 shares during the last quarter. Requisite Capital Management LLC acquired a new stake in shares of ConocoPhillips during the fourth quarter worth $865,000. Regatta Capital Group LLC grew its holdings in ConocoPhillips by 28.5% in the fourth quarter. Regatta Capital Group LLC now owns 3,547 shares of the energy producer’s stock worth $352,000 after purchasing an additional 787 shares during the period. Clarendon Private LLC acquired a new stake in ConocoPhillips in the fourth quarter worth $577,000. Finally, Duncan Williams Asset Management LLC acquired a new stake in ConocoPhillips in the fourth quarter worth $214,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research analysts have weighed in on COP shares. Piper Sandler dropped their price objective on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. BMO Capital Markets lifted their price objective on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Raymond James lifted their target price on shares of ConocoPhillips from $148.00 to $157.00 and gave the stock a “strong-buy” rating in a research note on Thursday. Susquehanna lifted their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. raised shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $120.00 to $123.00 in a research note on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $135.89.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $101.88 on Monday. The firm’s 50 day moving average price is $102.98 and its 200-day moving average price is $107.10. ConocoPhillips has a twelve month low of $94.23 and a twelve month high of $135.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $117.26 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 0.86 and a beta of 1.19.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the prior year, the business earned $2.16 EPS. The business’s quarterly revenue was down 8.5% on a year-over-year basis. Equities research analysts expect that ConocoPhillips will post 7.65 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were paid a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 3.06%. ConocoPhillips’s dividend payout ratio (DPR) is presently 37.10%.

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.