Logan Capital Management Inc. Sells 262 Shares of ConocoPhillips (NYSE:COP)

Logan Capital Management Inc. decreased its holdings in ConocoPhillips (NYSE:COP) by 0.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 94,517 shares of the energy producer’s stock after selling 262 shares during the quarter. Logan Capital Management Inc.’s holdings in ConocoPhillips were worth $9,951,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in COP. Vicus Capital boosted its position in shares of ConocoPhillips by 3.7% during the second quarter. Vicus Capital now owns 2,637 shares of the energy producer’s stock valued at $302,000 after buying an additional 94 shares during the last quarter. Montag A & Associates Inc. raised its holdings in shares of ConocoPhillips by 2.5% in the second quarter. Montag A & Associates Inc. now owns 3,900 shares of the energy producer’s stock valued at $446,000 after purchasing an additional 96 shares during the last quarter. Excalibur Management Corp boosted its holdings in ConocoPhillips by 2.4% during the second quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer’s stock worth $462,000 after purchasing an additional 96 shares during the last quarter. Cypress Capital Group grew its position in ConocoPhillips by 0.5% in the 3rd quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock worth $1,978,000 after purchasing an additional 96 shares in the last quarter. Finally, Bank OZK increased its stake in ConocoPhillips by 1.6% in the 2nd quarter. Bank OZK now owns 6,251 shares of the energy producer’s stock valued at $715,000 after buying an additional 97 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

COP has been the subject of several recent analyst reports. BMO Capital Markets upped their target price on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Mizuho lifted their target price on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Truist Financial lowered their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Evercore ISI reissued an “outperform” rating and set a $165.00 target price on shares of ConocoPhillips in a research report on Friday, December 6th. Finally, Wells Fargo & Company upped their price objective on ConocoPhillips from $131.00 to $134.00 and gave the company an “overweight” rating in a research note on Monday. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus price target of $139.18.

ConocoPhillips Price Performance

COP stock traded down $0.12 during mid-day trading on Friday, reaching $100.79. 578,323 shares of the company traded hands, compared to its average volume of 5,993,052. ConocoPhillips has a 52-week low of $100.58 and a 52-week high of $135.18. The company has a market capitalization of $116.00 billion, a P/E ratio of 12.00, a P/E/G ratio of 0.84 and a beta of 1.18. 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 company has a fifty day moving average price of $108.03 and a 200-day moving average price of $109.85.

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

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were paid a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 3.10%. ConocoPhillips’s dividend payout ratio (DPR) is currently 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.