Berkshire Bank Purchases 296 Shares of ConocoPhillips (NYSE:COP)

Berkshire Bank grew its position in ConocoPhillips (NYSE:COP) by 8.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,613 shares of the energy producer’s stock after purchasing an additional 296 shares during the period. Berkshire Bank’s holdings in ConocoPhillips were worth $379,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in ConocoPhillips by 11.7% during the fourth quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer’s stock worth $12,081,491,000 after acquiring an additional 12,751,120 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock worth $4,546,706,000 after acquiring an additional 5,549,078 shares in the last quarter. Invesco Ltd. raised its holdings in ConocoPhillips by 37.1% during the fourth quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock worth $1,544,101,000 after acquiring an additional 4,211,939 shares in the last quarter. Geode Capital Management LLC raised its holdings in ConocoPhillips by 13.7% during the fourth quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer’s stock worth $2,792,521,000 after acquiring an additional 3,397,360 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in ConocoPhillips by 27.6% during the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer’s stock worth $1,364,364,000 after acquiring an additional 2,971,661 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on COP. Piper Sandler lowered their price target on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Barclays lowered their price target on ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Raymond James reaffirmed an “outperform” rating and issued a $109.00 target price (up previously from $103.00) on shares of ConocoPhillips in a research report on Tuesday, May 20th. Scotiabank decreased their target price on ConocoPhillips from $115.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Friday, April 11th. Finally, Susquehanna decreased their target price on ConocoPhillips from $120.00 to $114.00 and set a “positive” rating on the stock in a research report on Monday, May 12th. Three analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $121.30.

ConocoPhillips Stock Down 2.0%

NYSE COP opened at $95.03 on Tuesday. The business has a fifty day moving average price of $89.16 and a two-hundred day moving average price of $95.70. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $118.40. The stock has a market capitalization of $120.13 billion, a PE ratio of 12.20, a PEG ratio of 0.79 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. The firm had revenue of $16.18 billion during the quarter, compared to analysts’ expectations of $15.74 billion. During the same period in the prior year, the company earned $2.05 earnings per share. Equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Monday, May 19th. ConocoPhillips’s payout ratio is 39.64%.

ConocoPhillips 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.