Meeder Asset Management Inc. Has $468,000 Holdings in ConocoPhillips $COP

Meeder Asset Management Inc. lessened its holdings in ConocoPhillips (NYSE:COP) by 73.1% during the third quarter, HoldingsChannel.com reports. The firm owned 4,948 shares of the energy producer’s stock after selling 13,474 shares during the period. Meeder Asset Management Inc.’s holdings in ConocoPhillips were worth $468,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Navalign LLC lifted its position in ConocoPhillips by 1.1% during the 2nd quarter. Navalign LLC now owns 9,918 shares of the energy producer’s stock worth $890,000 after buying an additional 108 shares in the last quarter. Greenfield Savings Bank increased its position in shares of ConocoPhillips by 1.2% in the third quarter. Greenfield Savings Bank now owns 9,018 shares of the energy producer’s stock valued at $853,000 after acquiring an additional 108 shares during the last quarter. Tritonpoint Wealth LLC raised its holdings in ConocoPhillips by 1.3% during the second quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after acquiring an additional 110 shares in the last quarter. Iowa State Bank boosted its position in ConocoPhillips by 0.5% during the second quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock valued at $1,992,000 after purchasing an additional 110 shares during the last quarter. Finally, Perennial Investment Advisors LLC grew its stake in ConocoPhillips by 2.8% in the second quarter. Perennial Investment Advisors LLC now owns 4,097 shares of the energy producer’s stock valued at $368,000 after purchasing an additional 112 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $95.49 on Tuesday. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $106.20. The company has a market capitalization of $118.00 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 2.64 and a beta of 0.32. The company has a 50-day simple moving average of $91.74 and a 200 day simple moving average of $92.71. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The firm had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.51 billion. During the same period last year, the business posted $1.78 earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $3.36 dividend on an annualized basis and a yield of 3.5%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s payout ratio is currently 47.52%.

Insider Buying and Selling at ConocoPhillips

In other news, Director William H. Mcraven acquired 5,768 shares of the stock in a transaction on Monday, November 10th. The shares were purchased at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the transaction, the director directly owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ryan Michael Lance sold 500,708 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $92.50, for a total transaction of $46,315,490.00. Following the completion of the sale, the chief executive officer directly owned 325,972 shares of the company’s stock, valued at approximately $30,152,410. The trade was a 60.57% decrease in their position. The SEC filing for this sale provides additional information. 0.24% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

COP has been the subject of several recent analyst reports. Wolfe Research cut their price objective on ConocoPhillips from $131.00 to $126.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Morgan Stanley cut their price target on shares of ConocoPhillips from $122.00 to $117.00 and set an “overweight” rating for the company in a research note on Thursday, November 20th. UBS Group boosted their price objective on shares of ConocoPhillips from $117.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Piper Sandler cut their target price on shares of ConocoPhillips from $115.00 to $109.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, BMO Capital Markets reduced their price target on ConocoPhillips from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Eighteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $111.92.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.