ConocoPhillips (NYSE:COP) Shares Sold by Bank of Stockton

Bank of Stockton reduced its holdings in ConocoPhillips (NYSE:COP) by 3.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 10,785 shares of the energy producer’s stock after selling 350 shares during the quarter. Bank of Stockton’s holdings in ConocoPhillips were worth $1,133,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in COP. Vanguard Group Inc. raised its stake 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 purchasing an additional 12,751,120 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of ConocoPhillips by 13.8% during the 4th 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 buying an additional 5,549,078 shares during the last quarter. Invesco Ltd. raised its position in shares of ConocoPhillips by 37.1% in the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock worth $1,544,101,000 after buying an additional 4,211,939 shares during the period. Geode Capital Management LLC boosted its holdings in ConocoPhillips by 13.7% in the fourth quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer’s stock valued at $2,792,521,000 after acquiring an additional 3,397,360 shares during the last quarter. Finally, Northern Trust Corp grew its position in ConocoPhillips by 27.6% during the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer’s stock valued at $1,364,364,000 after acquiring an additional 2,971,661 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

COP has been the topic of a number of research reports. JPMorgan Chase & Co. cut their price objective on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Piper Sandler cut their target price on shares of ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Citigroup decreased their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Susquehanna cut their price objective on ConocoPhillips from $120.00 to $114.00 and set a “positive” rating on the stock in a research report on Monday, May 12th. Finally, Raymond James Financial 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. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.30.

ConocoPhillips Trading Down 0.3%

ConocoPhillips stock opened at $89.12 on Thursday. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $118.40. The firm’s 50-day moving average is $89.89 and its 200-day moving average is $95.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. The company has a market cap of $112.66 billion, a P/E ratio of 11.32, a PEG ratio of 2.42 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The firm had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the prior year, the business earned $2.05 EPS. On average, equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current 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 given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.50%. ConocoPhillips’s dividend payout ratio is currently 39.64%.

Insider Buying and Selling

In other news, EVP Kirk L. Johnson bought 5,300 shares of ConocoPhillips stock in a transaction on Monday, June 16th. The stock was purchased at an average cost of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president now directly owns 14,527 shares of the company’s stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.24% of the company’s stock.

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.