Miller Howard Investments 13F: Cuts COP Stake by $16M
Key Points
- As of October 27, 2026, ConocoPhillips shares recently traded around $151.40, slightly above its October 26 closing price of $150.41.
- Miller Howard Investments held 475,944 $COP shares at quarter end, down 21.69% from the prior quarter.
- Miller Howard Investments now holds 5.53% of its total portfolio in ConocoPhillips, ranking sixth among its 159 reported positions.
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Miller Howard Investments cut its position in ConocoPhillips (COP) by 131,822 shares, valued at approximately $16.5 million, in a filing on October 26, 2026. This reduction brings the fund's total holdings in ConocoPhillips to 475,944 shares. The information comes from the fund's latest Form 13F filing with the SEC.
COP
ConocoPhillips
Where ConocoPhillips Fits in Miller Howard Investments' Portfolio
With this adjustment, ConocoPhillips now represents 5.53% of Miller Howard's total portfolio, ranking it sixth among the fund's 159 reported positions.
Other Institutional Activity in ConocoPhillips
Gf Fund Management also made changes to its ConocoPhillips holdings, cutting its stake by 61,277 shares, leaving it with 139,561 shares valued at about $17.5 million. Capital International Investors reduced its position by 2,209,111 shares, ending with 28,905,122 shares worth approximately $4.4 billion.
ConocoPhillips Stock Up 0.4%
As of October 27, 2026, ConocoPhillips shares traded around $151.40, which is slightly above the closing price of $150.41 on October 26. The stock is currently well above its 50-day moving average of $134.56 and its 200-day moving average of $120.25, indicating a strong upward trend over the past months. However, it's about 0.9% below its 52-week high of $152.77.
Recent Earnings
For the trailing twelve months, ConocoPhillips reported revenue of approximately $64.5 billion and earnings per share (EPS) of $7.55. The company is scheduled to announce its next earnings on November 5, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 13.2%. Revenue beat estimates by 1.6%.
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Profit surprise
EBITDA missed by 2 percent. Operating income beat by 2 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
3 target raises.
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Earnings quality
Gross margin up 16.7 points. Operating margin down 4.6 points. Positive free cash flow.
Earnings Call Summary
ConocoPhillips delivered strong first quarter results with 1.89 dollars of earnings per share and 5.4 billion dollars of free cash flow, beating expectations. The company returned 2 billion dollars to shareholders. Willow construction in Alaska is 50 percent complete with key milestones achieved. The Middle East conflict has taken about 10 million barrels per day of global production offline, with Qatar being their main impact at about 80 thousand barrels per day. The company remains committed to its long-term strategy and is adding modest Permian activity to maintain operational efficiency.
Guidance The company lowered production guidance for the full year by 35 thousand barrels per day because of the Middle East conflict taking Qatar offline. Operating costs stay at 10.2 billion dollars, down 400 million from last year. Capital spending goes up slightly to 12 to 12.5 billion dollars to add Permian drilling and maintain efficiency. The company expects free cash flow to be up significantly from higher oil and liquefied natural gas prices since it is not hedged.
Solid report. Results were generally better than expected, but the forward outlook did not materially change.
Dividend
ConocoPhillips pays an annual dividend of $3.36 per share, which translates to a yield of 2.22%. The company has a dividend payout ratio of 43.7%.
Insider Buying and Selling at ConocoPhillips
Several insiders have sold shares recently. General Counsel Kelly Brunetti Rose sold 7,700 shares on March 24, 2026, at an average price of $130.03, totaling about $1 million. CEO Ryan Michael Lance sold 113,221 shares on March 31, 2026, at $132.71, valued at approximately $15 million. Director Sharmila Mulligan sold 1,974 shares on June 10, 2026, at $119, and General Counsel Kelly Brunetti Rose sold another 15,000 shares on August 20, 2026, at $134.52.
Analysts Set New Price Targets
On September 14, 2026, UBS maintained its "Buy" rating on ConocoPhillips with a price target of $169. Jefferies also maintained a "Buy" rating with a target of $174 on October 7, 2026. Truist Securities maintained a "Hold" rating with a target of $136. Morgan Stanley kept an "Overweight" rating with a target of $159 on October 15, 2026, while Susquehanna maintained a "Positive" outlook with a target of $175 on October 20, 2026. The consensus recommendation for ConocoPhillips is currently a "Buy" with a mean price target of approximately $151.27.
About ConocoPhillips
ConocoPhillips explores for, produces, transports, and markets crude oil, natural gas, and natural gas liquids. The company operates in various segments, including Alaska, Lower 48, Canada, Europe, the Middle East and North Africa, and Asia Pacific. This recent position change by Miller Howard Investments highlights the ongoing shifts in institutional investments within the energy sector.
Bottom Line
Investors will be watching ConocoPhillips closely as it approaches its next earnings report on November 5, 2026, and any further changes in institutional holdings could signal market trends in the energy sector.
Related Filing Alerts
Source: Miller Howard Investments's 13F filing on $COP (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts