Miller Howard Investments Inc. NY Sells 131,822 Shares of ConocoPhillips $COP

Miller Howard Investments Inc. NY lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 21.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 475,944 shares of the energy producer’s stock after selling 131,822 shares during the period. ConocoPhillips comprises 1.6% of Miller Howard Investments Inc. NY’s holdings, making the stock its 22nd largest holding. Miller Howard Investments Inc. NY’s holdings in ConocoPhillips were worth $59,564,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in COP. Venture Visionary Partners LLC lifted its holdings in ConocoPhillips by 263.6% during the 3rd quarter. Venture Visionary Partners LLC now owns 118,655 shares of the energy producer’s stock worth $14,850,000 after buying an additional 86,019 shares during the last quarter. Cooper Financial Group grew its position in shares of ConocoPhillips by 55.9% during the third quarter. Cooper Financial Group now owns 11,635 shares of the energy producer’s stock worth $1,456,000 after acquiring an additional 4,172 shares during the last quarter. B. Metzler seel. Sohn & Co. AG purchased a new position in ConocoPhillips during the 2nd quarter worth $6,896,000. Qsemble Capital Management LP acquired a new position in ConocoPhillips in the 2nd quarter valued at about $3,645,000. Finally, Cetera Trust Company N.A purchased a new stake in shares of ConocoPhillips during the second quarter worth approximately $870,000. 82.36% of the stock is owned by institutional investors.

Key ConocoPhillips News

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Higher oil prices support energy stocks: Brent crude futures rose above $116 per barrel, a six-month high, helping lift ConocoPhillips and other major oil producers. Because COP’s revenue and cash flow are closely tied to commodity prices, sustained strength in crude could improve earnings and shareholder returns. Why Did XOM, COP, CVX Jump To 52-Week Highs Last Week?
• Positive Sentiment: Optimism ahead of earnings: Analysts expect ConocoPhillips’ third-quarter earnings to rise by double digits when results are released later this month. That outlook could support the stock if production, realized prices, and cash generation meet or exceed expectations. What to Expect From ConocoPhillips’ Next Quarterly Earnings Report
• Positive Sentiment: Higher consensus valuation: A reported 13.63% increase in the consensus price target, to MX$2,845.05, reflects improving analyst sentiment, although the target is quoted in Mexican pesos and may not be directly comparable with U.S.-listed COP. ConocoPhillips Consensus Price Target Raised
• Neutral Sentiment: Canadian restructuring: ConocoPhillips reportedly plans to reduce its Canadian workforce for a second consecutive year, with one report characterizing the cuts as roughly 20% of the Canadian workforce. The move may lower costs, but repeated reductions could also signal efforts to streamline operations or manage regional challenges. ConocoPhillips to Cut Canada Workforce for Second Straight Year

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president directly owned 9,593 shares of the company’s stock, valued at $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.09% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COP. Wells Fargo & Company increased their target price on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Truist Financial lifted their target price on shares of ConocoPhillips from $130.00 to $136.00 and gave the stock a “hold” rating in a research note on Wednesday, October 7th. Susquehanna increased their price objective on shares of ConocoPhillips from $161.00 to $175.00 and gave the stock a “positive” rating in a report on Tuesday, October 20th. Weiss Ratings raised ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 29th. Finally, UBS Group increased their price objective on shares of ConocoPhillips from $153.00 to $169.00 and gave the stock a “buy” rating in a research report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus price target of $145.00.

ConocoPhillips Stock Performance

Shares of COP stock opened at $151.53 on Tuesday. The company has a market cap of $182.04 billion, a P/E ratio of 19.43, a PEG ratio of 1.47 and a beta of 0.24. The business has a 50 day moving average of $134.09 and a two-hundred day moving average of $119.70. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $152.77.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The company had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the previous year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 32.4% on a year-over-year basis. As a group, analysts anticipate that ConocoPhillips will post 11.42 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. ConocoPhillips’s dividend payout ratio is 44.44%.

About ConocoPhillips

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company’s portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.