ConocoPhillips (NYSE:COP) Stock Holdings Lowered by Country Trust Bank

Country Trust Bank trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 0.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 257,253 shares of the energy producer’s stock after selling 338 shares during the period. Country Trust Bank’s holdings in ConocoPhillips were worth $27,084,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Atomi Financial Group Inc. grew its holdings in shares of ConocoPhillips by 9.8% in the 3rd quarter. Atomi Financial Group Inc. now owns 11,360 shares of the energy producer’s stock worth $1,196,000 after acquiring an additional 1,013 shares during the last quarter. Marion Wealth Management boosted its position in shares of ConocoPhillips by 8.7% in the 3rd quarter. Marion Wealth Management now owns 13,000 shares of the energy producer’s stock valued at $1,369,000 after purchasing an additional 1,044 shares during the period. Financial Synergies Wealth Advisors Inc. increased its stake in ConocoPhillips by 6.4% in the 3rd quarter. Financial Synergies Wealth Advisors Inc. now owns 4,144 shares of the energy producer’s stock worth $436,000 after purchasing an additional 250 shares in the last quarter. Aprio Wealth Management LLC increased its stake in ConocoPhillips by 4.8% in the 3rd quarter. Aprio Wealth Management LLC now owns 2,125 shares of the energy producer’s stock worth $224,000 after purchasing an additional 97 shares in the last quarter. Finally, Bangor Savings Bank raised its holdings in ConocoPhillips by 13.0% during the 3rd quarter. Bangor Savings Bank now owns 2,277 shares of the energy producer’s stock worth $240,000 after buying an additional 262 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on COP. UBS Group dropped their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a research note on Friday, September 13th. BMO Capital Markets raised their target price on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Truist Financial lowered their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Susquehanna reduced their price objective on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $138.29.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the transaction, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Down 3.4 %

ConocoPhillips stock opened at $110.80 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The firm’s fifty day simple moving average is $108.88 and its 200-day simple moving average is $115.88. The company has a market capitalization of $129.58 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.87 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company earned $1.84 earnings per share. Sell-side analysts forecast that ConocoPhillips will post 8.02 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.09%. ConocoPhillips’s dividend payout ratio (DPR) is currently 26.27%.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.