Envestnet Asset Management Inc. Buys 71,555 Shares of ConocoPhillips (NYSE:COP)

Envestnet Asset Management Inc. increased its holdings in shares of ConocoPhillips (NYSE:COPFree Report) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,677,030 shares of the energy producer’s stock after purchasing an additional 71,555 shares during the period. Envestnet Asset Management Inc.’s holdings in ConocoPhillips were worth $310,723,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COP. Orion Capital Management LLC acquired a new stake in ConocoPhillips in the third quarter valued at approximately $27,000. West Branch Capital LLC boosted 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 acquiring an additional 108 shares in the last quarter. Sachetta LLC acquired a new stake in ConocoPhillips in the fourth quarter valued at approximately $27,000. Cape Investment Advisory Inc. boosted its stake in ConocoPhillips by 96.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 121 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group boosted its stake in ConocoPhillips by 63.1% in the third quarter. Oliver Lagore Vanvalin Investment Group now owns 287 shares of the energy producer’s stock valued at $34,000 after acquiring an additional 111 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on COP shares. Piper Sandler raised their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Wells Fargo & Company raised their price target on shares of ConocoPhillips from $149.00 to $151.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Royal Bank of Canada raised their price target on shares of ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, May 15th. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Scotiabank raised their price target 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.35.

Get Our Latest Analysis on COP

Insiders Place Their Bets

In other ConocoPhillips news, CEO Ryan Michael Lance sold 607,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the completion of the transaction, the chief executive officer now owns 6,780 shares in the company, valued at approximately $853,669.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the transaction, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the completion of the transaction, the chief executive officer now owns 6,780 shares of the company’s stock, valued at approximately $853,669.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 664,350 shares of company stock worth $83,537,680. 0.34% of the stock is owned by insiders.

ConocoPhillips Trading Down 0.2 %

Shares of ConocoPhillips stock opened at $112.00 on Friday. The stock has a market cap of $130.99 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 2.51 and a beta of 1.22. The company has a fifty day simple moving average of $123.91 and a 200-day simple moving average of $117.71. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $99.35 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COPGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.04. The firm had revenue of $14.48 billion during the quarter, compared to analysts’ expectations of $14.72 billion. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. On average, equities analysts forecast that ConocoPhillips will post 8.93 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were given a dividend of $0.78 per share. The ex-dividend date was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a yield of 2.79%. ConocoPhillips’s payout ratio is currently 26.27%.

About ConocoPhillips

(Free Report)

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.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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