ConocoPhillips (NYSE:COP) Shares Sold by Eastern Bank

Eastern Bank lowered its position in ConocoPhillips (NYSE:COP) by 7.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 173,559 shares of the energy producer’s stock after selling 13,412 shares during the quarter. Eastern Bank’s holdings in ConocoPhillips were worth $18,227,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in COP. Arrowstreet Capital Limited Partnership purchased a new position in shares of ConocoPhillips in the 4th quarter valued at about $13,198,000. RWA Wealth Partners LLC increased its stake in ConocoPhillips by 33.5% in the fourth quarter. RWA Wealth Partners LLC now owns 9,703 shares of the energy producer’s stock valued at $962,000 after purchasing an additional 2,436 shares during the last quarter. Alliancebernstein L.P. raised its holdings in ConocoPhillips by 18.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,087,500 shares of the energy producer’s stock worth $207,017,000 after purchasing an additional 327,241 shares in the last quarter. Summit Financial LLC raised its holdings in ConocoPhillips by 18.0% during the fourth quarter. Summit Financial LLC now owns 28,007 shares of the energy producer’s stock worth $2,777,000 after purchasing an additional 4,277 shares in the last quarter. Finally, HighPoint Advisor Group LLC lifted its position in shares of ConocoPhillips by 12.9% during the 4th quarter. HighPoint Advisor Group LLC now owns 32,425 shares of the energy producer’s stock worth $3,293,000 after buying an additional 3,716 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Up 1.0%

Shares of NYSE:COP opened at $98.04 on Wednesday. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The firm’s 50-day simple moving average is $91.44 and its 200-day simple moving average is $94.28. The company has a market cap of $123.93 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.53 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. The company had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter in the previous year, the company earned $2.05 EPS. As a group, equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips’s payout ratio is 39.64%.

Insider Buying and Selling

In related news, EVP Kirk L. Johnson bought 5,300 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the transaction, the executive vice president owned 14,527 shares of the company’s stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on COP shares. Bank of America dropped their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a research report on Friday, May 23rd. Piper Sandler restated an “overweight” rating and issued a $123.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Susquehanna cut their target price on ConocoPhillips from $114.00 to $113.00 and set a “positive” rating on the stock in a research report on Wednesday, July 23rd. Raymond James Financial upped their target price on ConocoPhillips from $109.00 to $117.00 and gave the company an “outperform” rating in a research report on Tuesday, July 22nd. Finally, Barclays cut 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. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $121.33.

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.