Patten Group Inc. Sells 2,792 Shares of ConocoPhillips (NYSE:COP)

Patten Group Inc. lowered its position in shares of ConocoPhillips (NYSE:COP) by 27.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,428 shares of the energy producer’s stock after selling 2,792 shares during the quarter. Patten Group Inc.’s holdings in ConocoPhillips were worth $737,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of COP. Albion Financial Group UT boosted its position in ConocoPhillips by 876.9% during the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after acquiring an additional 228 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in ConocoPhillips during the fourth quarter valued at $27,000. Truvestments Capital LLC bought a new stake in ConocoPhillips during the third quarter valued at $31,000. Global Wealth Strategies & Associates raised its holdings in shares of ConocoPhillips by 80.5% during the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 153 shares during the period. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of ConocoPhillips during the third quarter valued at about $35,000. Institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Raymond James lowered shares of ConocoPhillips from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $157.00 to $124.00 in a report on Monday, February 10th. Truist Financial upped their price objective on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a report on Monday, January 13th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a report on Thursday, January 30th. Barclays dropped their price objective on shares of ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Finally, JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $123.00 in a report on Thursday, December 5th. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $133.47.

Insider Activity

In related news, Director Arjun N. Murti bought 2,500 shares of ConocoPhillips stock in a transaction dated Friday, December 20th. The stock was purchased at an average cost of $95.87 per share, with a total value of $239,675.00. Following the transaction, the director now directly owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. The trade was a 13.16 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R A. Walker bought 10,400 shares of ConocoPhillips stock in a transaction dated Tuesday, December 17th. The shares were bought at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares in the company, valued at approximately $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

ConocoPhillips Trading Down 2.2 %

NYSE:COP opened at $90.62 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. The firm has a market cap of $115.31 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 0.79 and a beta of 1.18. ConocoPhillips has a 52 week low of $88.47 and a 52 week high of $135.18. The firm has a 50-day moving average price of $99.99 and a two-hundred day moving average price of $104.75.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s dividend payout ratio is currently 40.05%.

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.