Argyle Capital Management Inc. Sells 7,750 Shares of ConocoPhillips (NYSE:COP)

Argyle Capital Management Inc. reduced its holdings in ConocoPhillips (NYSE:COP) by 17.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 37,681 shares of the energy producer’s stock after selling 7,750 shares during the quarter. ConocoPhillips comprises 1.8% of Argyle Capital Management Inc.’s holdings, making the stock its 12th largest holding. Argyle Capital Management Inc.’s holdings in ConocoPhillips were worth $4,374,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in COP. Northern Trust Corp lifted its holdings in ConocoPhillips by 3.2% during the third quarter. Northern Trust Corp now owns 12,486,871 shares of the energy producer’s stock worth $1,495,927,000 after acquiring an additional 386,276 shares during the period. Bank of New York Mellon Corp boosted its holdings in ConocoPhillips by 10.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,028,061 shares of the energy producer’s stock valued at $1,440,962,000 after acquiring an additional 1,152,907 shares during the period. Ameriprise Financial Inc. boosted its holdings in ConocoPhillips by 8.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 8,063,795 shares of the energy producer’s stock valued at $968,410,000 after acquiring an additional 659,632 shares during the period. Lazard Asset Management LLC raised its position in ConocoPhillips by 1.1% during the 3rd quarter. Lazard Asset Management LLC now owns 7,086,681 shares of the energy producer’s stock valued at $848,984,000 after purchasing an additional 74,278 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in ConocoPhillips by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,472,590 shares of the energy producer’s stock valued at $775,416,000 after purchasing an additional 33,466 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on COP. Truist Financial lowered their target price on ConocoPhillips from $173.00 to $170.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Barclays began coverage on ConocoPhillips in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 target price for the company. Morgan Stanley raised their target price on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Scotiabank raised their target price on ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a research note on Thursday, April 11th. Finally, Mizuho reiterated a “neutral” rating and set a $139.00 price objective (up previously from $132.00) on shares of ConocoPhillips in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and an average price target of $143.24.

Insider Buying and Selling

In other ConocoPhillips news, CEO Ryan Michael Lance sold 607,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the sale, the chief executive officer now directly owns 6,780 shares of the company’s stock, valued at $853,669.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Nicholas G. Olds sold 12,150 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares of the company’s stock, valued at $1,836,161.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ryan Michael Lance sold 607,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $125.91, for a total value of $76,427,370.00. Following the transaction, the chief executive officer now directly owns 6,780 shares in the company, valued at approximately $853,669.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 700,775 shares of company stock worth $87,615,169. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock traded up $0.13 during trading hours on Friday, hitting $130.24. The company’s stock had a trading volume of 4,823,139 shares, compared to its average volume of 3,808,210. The business has a 50 day moving average price of $122.49 and a two-hundred day moving average price of $117.60. ConocoPhillips has a 12-month low of $95.70 and a 12-month high of $135.18. The company has a market cap of $153.22 billion, a PE ratio of 14.38, a PEG ratio of 2.72 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.29 and a current ratio of 1.43.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 EPS for the quarter, beating the consensus estimate of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The business had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $14.47 billion. During the same period in the previous year, the business earned $2.71 earnings per share. Analysts expect that ConocoPhillips will post 9.57 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Monday, February 19th were given a $0.78 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Thursday, February 15th. ConocoPhillips’s payout ratio is currently 25.61%.

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.