7,176 ConocoPhillips $COP Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 1.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 506,005 shares of the energy producer’s stock after selling 7,176 shares during the period. ConocoPhillips comprises approximately 1.2% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 17th largest position. Kornitzer Capital Management Inc. KS’s holdings in ConocoPhillips were worth $63,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pictet Asset Management Holding SA lifted its stake in shares of ConocoPhillips by 0.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 405,104 shares of the energy producer’s stock valued at $50,699,000 after acquiring an additional 1,767 shares during the last quarter. Parallel Advisors LLC grew its position in ConocoPhillips by 3.5% during the 3rd quarter. Parallel Advisors LLC now owns 32,821 shares of the energy producer’s stock worth $4,107,000 after acquiring an additional 1,115 shares during the last quarter. United Advisor Group LLC grew its position in ConocoPhillips by 24.3% during the 3rd quarter. United Advisor Group LLC now owns 3,906 shares of the energy producer’s stock worth $489,000 after acquiring an additional 763 shares during the last quarter. Plancorp LLC grew its position in ConocoPhillips by 4.8% during the 3rd quarter. Plancorp LLC now owns 3,800 shares of the energy producer’s stock worth $476,000 after acquiring an additional 175 shares during the last quarter. Finally, May Hill Capital LLC increased its stake in ConocoPhillips by 10.4% in the 3rd quarter. May Hill Capital LLC now owns 4,304 shares of the energy producer’s stock worth $539,000 after purchasing an additional 407 shares during the period. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Up 0.7%

Shares of NYSE:COP opened at $136.38 on Friday. The stock’s 50-day moving average is $136.92 and its 200 day moving average is $122.10. The company has a market cap of $163.84 billion, a PE ratio of 14.33, a P/E/G ratio of 1.28 and a beta of 0.16. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.52 and a quick ratio of 1.39. ConocoPhillips has a 1 year low of $85.59 and a 1 year high of $154.28.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, topping the consensus estimate of $3.05 by $0.22. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.59 billion. ConocoPhillips had a return on equity of 17.60% and a net margin of 16.55%. The business’s revenue was up 29.2% on a year-over-year basis. During the same quarter last year, the business posted $1.61 EPS. Sell-side analysts anticipate that ConocoPhillips will post 11.84 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be issued a dividend of $0.93 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.84. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, November 16th. ConocoPhillips’s dividend payout ratio is currently 44.44%.

Insider Activity at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares of the company’s stock, valued at $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.09% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

COP has been the subject of several recent research reports. Barclays lowered their price objective on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Weiss Ratings upgraded shares of ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $170.00 target price on shares of ConocoPhillips in a research note on Monday, November 2nd. Morgan Stanley upped their price target on shares of ConocoPhillips from $151.00 to $159.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Finally, Stifel Nicolaus started coverage on shares of ConocoPhillips in a research report on Thursday, September 10th. They set a “hold” rating and a $148.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.04.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Strong Q3 results: ConocoPhillips reported adjusted earnings of $3.27 per share, above estimates, as higher realized commodity prices helped more than double earnings year over year. Revenue also topped expectations, and operating cash flow reached $7.2 billion. Article: ConocoPhillips Q3 Earnings Beat Estimates on Higher Commodity Prices
• Positive Sentiment: Higher shareholder payout and cash-flow ambitions: The company increased its quarterly dividend about 11%, to $0.93 per share. Management also reiterated a plan for roughly $7 billion in additional free cash flow by 2029, supported by lower capital spending, production growth and shareholder returns. Article: Is ConocoPhillips a Buy After Its Latest Earnings Report?
• Positive Sentiment: Willow project progress: The Alaska project is approaching a key milestone, with drilling targeted for 2027, supporting the company’s future production outlook. Article: ConocoPhillips eyes Willow drilling in 2027 as Alaska project reaches key milestone
• Neutral Sentiment: Analyst view remains favorable, but one target was trimmed: Wells Fargo lowered its price target from $189 to $185 while retaining an Overweight rating. Article: Wells Fargo recommendations
• Negative Sentiment: Production and price sensitivity: Output declined in the quarter, even as higher oil prices boosted results. That leaves earnings and cash returns exposed if commodity prices retreat. ETFs were also net sellers of about $22.9 million of COP shares on Nov. 4, a modest near-term pressure. Article: ETFs Are Net Sellers of ConocoPhillips

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.