Saturday, June 25, 2022

Selling Buzz: ConocoPhillips [COP] Chairman and CEO Lance Ryan Michael sells 584,900 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. ConocoPhillips shares valued at $70,898,186 were sold by Lance Ryan Michael on Jun 07. At $121.21 per share, Lance Ryan Michael sold 584,900 shares. The insider’s holdings dropped to 44,522 shares worth approximately $4.14 million following the completion of this transaction.

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Also, Olds Nicholas G sold 19,200 shares, netting a total of over 2,121,742 in proceeds. Following the sale of shares at $110.51 each, the insider now holds 0 shares.

Before that, LEACH TIMOTHY A had sold 40,603 shares from its account. In a trade valued at $4,154,982, the Director traded ConocoPhillips shares for $102.33 each. Upon closing the transaction, the insider’s holdings decreased to 40,603 shares, worth approximately $61.98 million.

As published in a research note from BofA Securities on March 08, 2022, ConocoPhillips [COP] has been rated down from a Buy to a Neutral and the price target has been revised to $135 from $110. This represents a 31.07% premium over Wednesday’s closing price. Analysts at Wells Fargo resumed the stock at ‘”an Overweight”‘ outlook in a report released in early February. As of February 04, 2022, Truist has reiterated its “Buy” rating for COP. Earlier on February 04, 2022, RBC Capital Mkts resumed its rating. Their recommendation was “an Outperform” for COP stock.

Analyzing COP’s Price Performance

On Wednesday, ConocoPhillips [NYSE: COP] plunged -6.27% to $93.06. The stock’s lowest price that day was $91.46, but it reached a high of $95.05 in the same session. During the last five days, there has been a drop of approximately -16.53%. Over the course of the year, ConocoPhillips shares have jumped approximately 29.31%. Shares of the company reached a 52-week high of $124.08 on 06/08/22 and a 52-week low of $72.02 on 01/03/22. A 50-day SMA is recorded $104.82, while a 200-day SMA reached $86.49. Nevertheless, trading volume fell to 11.25 million shares from 10.45 million shares the previous day.

Support And Resistance Levels for ConocoPhillips (COP)

According to the 24-hour chart, there is a support level at 91.33, which, if violated, would cause prices to drop to 89.60. In the upper region, resistance lies at 94.92. The next price resistance is at 96.78. RSI (Relative Strength Index) is 34.01 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -15.46, which suggests the price will decrease in the coming days. Percent R is at 95.10%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is ConocoPhillips subject to short interest?

Stocks of ConocoPhillips saw a sharp steep in short interest on Apr 28, 2022 dropping by -1.96 million shares to 12.66 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 14.62 million shares. A decline of -15.48% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.79 of the overall float, the days-to-cover ratio (short ratio) decline to 1.79.

Which companies own the most shares of ConocoPhillips (COP)?

According to The Vanguard Group, Inc. filings, the company currently owns 105,939,967 shares, which is about 8.19% of the total COP shares outstanding. The investor’s shares have appreciated by 1,294,846 from its previous 13-F filing of 104645121.0 shares. With the completion of the sale, SSgA Funds Management, Inc.’s stake is now worth $7,417,976,863. BlackRock Fund Advisors reduced a -0.18% interest valued at $7.14 billion while Capital Research & Management Co sold a -5,755,086 stake. A total of 408,012 shares of ConocoPhillips were sold by Wellington Management Co. LLP during the quarter, and -5,538,126 were sold by JPMorgan Investment Management, I. In its current portfolio, Capital Research & Management Co holds 23,463,085 shares valued at $2.64 billion.

In terms of ConocoPhillips share price expectations, FactSet research, analysts set an average price target of $131.21 in the next 12 months, up nearly 27.42% from the previous closing price of $99.28. Analysts anticipate ConocoPhillips stock to reach $165.00 by 2022, with the lowest price target being $115.00. In spite of this, 27 analysts ranked ConocoPhillips stock as an Overweight at the end of 2022. On February 04, 2022, Raymond James assigned a price target of “a Strong buy” to the stock and reiterated coverage with a $120.

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