Boston Trust Walden Corp has reported a reduction of 19.2% in its position in ConocoPhillips (NYSE:COP), according to the latest filing with the Securities and Exchange Commission. After selling 77,272 shares during the third quarter, the institutional investor now holds 326,196 shares of the energy company, valued at approximately $30.85 million.
Other institutional investors have also made significant adjustments to their positions in ConocoPhillips recently. For instance, DRW Securities LLC increased its stake by 8.2%, bringing its total to 5,599 shares valued at $587,000. Retirement Planning Co of New England Inc. grew its holdings by 6.7%, resulting in ownership of 2,354 shares worth $247,000. First Financial Bankshares Inc. saw a 3.4% increase in its stake, owning 576,005 shares valued at $60.49 million after an addition of 18,856 shares. Focus Partners Advisor Solutions LLC and EP Wealth Advisors LLC also raised their stakes by 41.6% and 12.2% respectively, indicating strong interest in the stock among institutional investors, who now collectively hold 82.36% of ConocoPhillips shares.
On the trading front, shares of ConocoPhillips opened at $92.54 on Tuesday, reflecting a market capitalization of $114.35 billion. The company’s price-to-earnings ratio stands at 13.09, with a beta of 0.32. Over the past year, the stock reached a low of $79.88 and a high of $106.20. Investors may also note the company’s healthy fundamentals with a quick ratio of 1.18 and a current ratio of 1.32.
In its most recent quarterly earnings report, ConocoPhillips exceeded earnings expectations, posting $1.61 per share, which was $0.20 above the consensus estimate of $1.41. The energy producer’s revenue for the quarter totaled $15.03 billion, surpassing predictions of $14.51 billion, reflecting a 14.1% increase compared to the same quarter last year. Analysts anticipate ConocoPhillips will report an earnings per share of 8.16 for the ongoing fiscal year.
Additionally, the company has increased its quarterly dividend, now set at $0.84 per share, which was paid to shareholders of record on November 17, 2023. This marks an increase from the previous dividend of $0.78, yielding an annualized dividend of $3.36 and a yield of 3.6%.
Analyst sentiments remain cautiously optimistic, with nineteen research analysts rating the stock as a Buy and seven giving a Hold rating. The consensus price target for ConocoPhillips is $114.08, reflecting a general belief in the company’s long-term performance.
In insider trading activities, Director William H. McRaven purchased 5,768 shares at an average price of $86.68, while CEO Ryan Michael Lance sold a substantial 500,708 shares at an average price of $92.50. These significant trades showcase a mix of insider confidence and stock reallocation following a period of strong performance.
ConocoPhillips, established through the merger of Conoco Inc and Phillips Petroleum Company in 2002, continues to be a major player in the international energy sector, focusing on the exploration and production of oil and natural gas globally. The company’s operations and commitment to growth indicate a positive outlook moving forward.