Patten & Patten Inc. TN Lowers Position in ConocoPhillips (NYSE:COP)

Patten & Patten Inc. TN cut its stake in ConocoPhillips (NYSE:COP) by 1.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 192,972 shares of the energy producer’s stock after selling 2,729 shares during the period. ConocoPhillips accounts for approximately 1.4% of Patten & Patten Inc. TN’s portfolio, making the stock its 18th largest position. Patten & Patten Inc. TN’s holdings in ConocoPhillips were worth $20,266,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. 10Elms LLP purchased a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $28,000. Garde Capital Inc. purchased a new position in shares of ConocoPhillips during the first quarter valued at approximately $35,000. IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips during the first quarter valued at approximately $37,000. Fourth Dimension Wealth LLC purchased a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $39,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of ConocoPhillips during the first quarter valued at approximately $42,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson acquired 5,300 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the transaction, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

ConocoPhillips Trading Down 0.7%

NYSE:COP opened at $94.96 on Monday. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The company has a market cap of $120.04 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company has a 50 day simple moving average of $91.14 and a two-hundred day simple moving average of $94.29.

ConocoPhillips (NYSE:COP) last posted its earnings results 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 net margin of 16.02% and a return on equity of 16.54%. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same quarter in the previous year, the firm posted $2.05 EPS. Research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips’s dividend payout ratio (DPR) is presently 39.64%.

Analysts Set New Price Targets

Several research firms have recently issued reports on COP. Bank of America lowered their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a report on Friday, May 23rd. Wells Fargo & Company reiterated an “overweight” rating and set a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Citigroup lowered their target price on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Royal Bank Of Canada lowered their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, July 11th. Finally, Scotiabank boosted their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a “sector perform” rating in a report on Friday, July 11th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $121.33.

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.