Retirement Systems of Alabama Acquires 130,617 Shares of ConocoPhillips (NYSE:COP)

Retirement Systems of Alabama grew its holdings in shares of ConocoPhillips (NYSE:COP) by 17.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 888,703 shares of the energy producer’s stock after buying an additional 130,617 shares during the quarter. Retirement Systems of Alabama owned 0.08% of ConocoPhillips worth $88,133,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of COP. Values First Advisors Inc. purchased a new stake in shares of ConocoPhillips during the 3rd quarter valued at $26,000. Albion Financial Group UT lifted its stake in shares of ConocoPhillips by 876.9% in the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after purchasing an additional 228 shares during the period. Reston Wealth Management LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at about $31,000. Truvestments Capital LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at about $31,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at about $35,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

COP has been the topic of several recent research reports. Morgan Stanley initiated coverage on ConocoPhillips in a report on Monday, December 16th. They set an “overweight” rating and a $128.00 target price on the stock. Piper Sandler cut their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. raised ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. Susquehanna upped their price objective on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company cut their price objective on ConocoPhillips from $134.00 to $132.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $135.89.

ConocoPhillips Stock Up 2.2 %

Shares of ConocoPhillips stock opened at $100.61 on Wednesday. The company has a fifty day moving average price of $101.67 and a 200 day moving average price of $106.46. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. ConocoPhillips has a twelve month low of $94.23 and a twelve month high of $135.18. The stock has a market cap of $115.80 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 0.76 and a beta of 1.18.

Insider Buying and Selling

In other news, Director R A. Walker acquired 10,400 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were purchased at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the acquisition, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This represents a 37.68 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arjun N. Murti acquired 2,500 shares of the business’s stock in a transaction on Friday, December 20th. The stock was purchased at an average price of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now directly owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

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.