Main Street Financial Solutions LLC Sells 1,286 Shares of ConocoPhillips (NYSE:COP)

Main Street Financial Solutions LLC trimmed its stake in ConocoPhillips (NYSE:COP) by 29.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,139 shares of the energy producer’s stock after selling 1,286 shares during the period. Main Street Financial Solutions LLC’s holdings in ConocoPhillips were worth $331,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after purchasing an additional 8,479,963 shares in the last quarter. Capital International Investors raised its stake in shares of ConocoPhillips by 9.6% during the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after acquiring an additional 1,856,085 shares in the last quarter. International Assets Investment Management LLC lifted its position in ConocoPhillips by 10,634.2% during the third quarter. International Assets Investment Management LLC now owns 1,205,666 shares of the energy producer’s stock valued at $126,933,000 after acquiring an additional 1,194,434 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in ConocoPhillips by 19.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,811,289 shares of the energy producer’s stock valued at $717,093,000 after acquiring an additional 1,101,685 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in ConocoPhillips by 46.0% in the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after acquiring an additional 1,015,158 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Up 1.0 %

ConocoPhillips stock opened at $112.92 on Friday. The business’s 50-day moving average price is $107.77 and its 200 day moving average price is $111.90. 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 firm has a market cap of $129.96 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 0.91 and a beta of 1.21. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS 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 analysts’ expectations of $13.97 billion. During the same quarter last year, the company earned $2.16 EPS. The business’s revenue was down 8.5% on a year-over-year basis. As a group, sell-side analysts anticipate that ConocoPhillips will post 7.8 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a $0.78 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 2.76%. ConocoPhillips’s payout ratio is presently 37.10%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on COP. Barclays increased their price objective on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Wolfe Research began coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price target for the company. Truist Financial dropped their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Finally, BMO Capital Markets boosted their target price 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. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Company 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.