Penobscot Investment Management Company Inc. Increases Stock Position in ConocoPhillips (NYSE:COP)

Penobscot Investment Management Company Inc. grew its holdings in shares of ConocoPhillips (NYSE:COP) by 5.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,047 shares of the energy producer’s stock after buying an additional 403 shares during the period. Penobscot Investment Management Company Inc.’s holdings in ConocoPhillips were worth $934,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COP. Orion Capital Management LLC bought a new stake in ConocoPhillips during the third quarter worth about $27,000. West Branch Capital LLC boosted its position in shares of ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. Oliver Lagore Vanvalin Investment Group grew its stake in shares of ConocoPhillips by 63.1% in the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 287 shares of the energy producer’s stock worth $34,000 after buying an additional 111 shares during the last quarter. Spartan Planning & Wealth Management bought a new position in ConocoPhillips during the 3rd quarter valued at approximately $40,000. Finally, Milestone Investment Advisors LLC bought a new position in ConocoPhillips during the 3rd quarter valued at approximately $46,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. UBS Group raised their price target on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Barclays started coverage on shares of ConocoPhillips in a research note on Wednesday, April 10th. They set an “overweight” rating and a $158.00 price objective for the company. Scotiabank increased their price target on shares of ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Truist Financial decreased their price objective on shares of ConocoPhillips from $170.00 to $160.00 and set a “buy” rating for the company in a report on Monday. Finally, Morgan Stanley increased 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. Five equities research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.65.

ConocoPhillips Trading Down 3.5 %

ConocoPhillips stock opened at $125.62 on Wednesday. The firm’s 50 day moving average price is $123.20 and its 200-day moving average price is $117.67. The stock has a market cap of $147.78 billion, a P/E ratio of 13.87, a PEG ratio of 2.72 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. ConocoPhillips has a 1 year low of $95.70 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 EPS 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 net margin of 18.71% and a return on equity of 22.08%. During the same quarter last year, the firm posted $2.71 EPS. On average, equities analysts predict 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. Shareholders of record on Monday, February 19th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 2.48%. ConocoPhillips’s payout ratio is 25.61%.

Insider Transactions at ConocoPhillips

In related news, EVP Nicholas G. Olds sold 12,150 shares of ConocoPhillips stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the sale, the executive vice president now directly owns 14,522 shares in the company, valued at $1,836,161.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ConocoPhillips news, CFO William L. Jr. Bullock sold 45,200 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $123.32, for a total transaction of $5,574,064.00. Following the completion of the sale, the chief financial officer now owns 44,153 shares in the company, valued at $5,444,947.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nicholas G. Olds sold 12,150 shares of ConocoPhillips stock in a transaction on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the transaction, the executive vice president now owns 14,522 shares in the company, valued at $1,836,161.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 700,775 shares of company stock valued at $87,615,169. 0.34% of the stock is currently owned by corporate insiders.

About ConocoPhillips

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.