Cullen Frost Bankers Inc. Cuts Stock Position in ConocoPhillips (NYSE:COP)

Cullen Frost Bankers Inc. reduced its position in ConocoPhillips (NYSE:COP) by 6.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 240,874 shares of the energy producer’s stock after selling 16,789 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in ConocoPhillips were worth $27,958,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COP. Alphinity Investment Management Pty Ltd purchased a new position in shares of ConocoPhillips in the 3rd quarter worth about $310,102,000. Capital Wealth Planning LLC boosted its holdings in shares of ConocoPhillips by 45,426.8% in the 3rd quarter. Capital Wealth Planning LLC now owns 1,429,085 shares of the energy producer’s stock worth $171,204,000 after purchasing an additional 1,425,946 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of ConocoPhillips by 13,905.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,114,261 shares of the energy producer’s stock worth $129,332,000 after purchasing an additional 1,106,305 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter worth about $99,676,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of ConocoPhillips by 29.3% in the 4th quarter. Pacer Advisors Inc. now owns 3,422,834 shares of the energy producer’s stock worth $397,288,000 after purchasing an additional 776,107 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on COP shares. Mizuho reiterated a “neutral” rating and issued a $139.00 price objective (up from $132.00) on shares of ConocoPhillips in a report on Friday, March 22nd. Raymond James lowered their target price on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. UBS Group boosted their target price on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Truist Financial lowered their target price on ConocoPhillips from $170.00 to $160.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler boosted their target price on ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.76.

ConocoPhillips Stock Down 0.0 %

Shares of ConocoPhillips stock traded down $0.01 during midday trading on Tuesday, hitting $123.54. The company had a trading volume of 5,901,955 shares, compared to its average volume of 5,368,249. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35. The stock has a market capitalization of $144.48 billion, a P/E ratio of 13.99, a P/E/G ratio of 2.69 and a beta of 1.25. The company has a 50 day moving average of $124.31 and a 200 day moving average of $117.59. ConocoPhillips has a 52-week low of $97.42 and a 52-week high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.32. The company had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $14.47 billion. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. During the same quarter in the prior year, the business posted $2.71 EPS. On average, equities analysts predict that ConocoPhillips will post 9.1 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 13th will be paid a $0.78 dividend. The ex-dividend date is Friday, May 10th. This represents a $3.12 annualized dividend and a dividend yield of 2.53%. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Buying and Selling

In related news, CFO William L. Jr. Bullock sold 45,200 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $123.32, for a total value of $5,574,064.00. Following the sale, the chief financial officer now owns 44,153 shares in the company, valued at approximately $5,444,947.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ConocoPhillips news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $110.55, for a total transaction of $502,781.40. Following the sale, the senior vice president now directly owns 2,654 shares in the company, valued at approximately $293,399.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William L. Jr. Bullock sold 45,200 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $123.32, for a total value of $5,574,064.00. Following the sale, the chief financial officer now owns 44,153 shares in the company, valued at $5,444,947.96. The disclosure for this sale can be found here. Insiders have sold 700,775 shares of company stock worth $87,615,169 in the last 90 days. Insiders own 0.34% of the company’s stock.

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.