Rockland Trust Co. Sells 358 Shares of ConocoPhillips (NYSE:COP)

Rockland Trust Co. cut its stake in ConocoPhillips (NYSE:COP) by 5.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,675 shares of the energy producer’s stock after selling 358 shares during the period. Rockland Trust Co.’s holdings in ConocoPhillips were worth $703,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 35.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after purchasing an additional 8,479,963 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in ConocoPhillips by 512.8% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock valued at $433,757,000 after purchasing an additional 3,127,165 shares during the period. Capital International Investors boosted its stake in ConocoPhillips by 9.6% during the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after acquiring an additional 1,856,085 shares in the last quarter. Clearbridge Investments LLC grew its holdings in shares of ConocoPhillips by 46.0% during the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after buying an additional 1,015,158 shares during the last quarter. Finally, TD Asset Management Inc grew its position in ConocoPhillips by 34.7% in the 1st quarter. TD Asset Management Inc now owns 2,762,431 shares of the energy producer’s stock worth $351,602,000 after purchasing an additional 712,062 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Insider Buying and Selling at ConocoPhillips

In related 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 transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the subject of several analyst reports. Argus raised shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Scotiabank reduced their target price on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating for the company in a report on Friday, July 12th. Royal Bank of Canada restated an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Sanford C. Bernstein decreased their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Finally, Wolfe Research began coverage on shares of ConocoPhillips in a report on Thursday, July 18th. They set an “outperform” rating and a $145.00 price objective for the company. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $138.29.

ConocoPhillips Price Performance

NYSE COP traded up $2.12 during trading on Friday, reaching $114.54. 7,585,770 shares of the company traded hands, compared to its average volume of 5,971,043. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The company has a market cap of $133.96 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 0.82 and a beta of 1.21. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The stock’s 50 day moving average price is $108.77 and its two-hundred day moving average price is $116.02.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company had revenue of $14.14 billion during the quarter, compared to the consensus estimate of $14.96 billion. During the same quarter in the previous year, the company posted $1.84 earnings per share. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, analysts anticipate that ConocoPhillips will post 8.12 EPS for the current year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s payout ratio is 26.27%.

ConocoPhillips Company Profile

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.