Park National Corp OH Reduces Position in ConocoPhillips $COP

Park National Corp OH lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 7.6% in the second quarter, Holdings Channel.com reports. The fund owned 138,012 shares of the energy producer’s stock after selling 11,362 shares during the period. Park National Corp OH’s holdings in ConocoPhillips were worth $12,385,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COP. 10Elms LLP bought a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC raised its holdings in shares of ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC bought a new position in shares of ConocoPhillips during the first quarter valued at approximately $31,000. Garde Capital Inc. bought a new position in shares of ConocoPhillips during the first quarter valued at approximately $35,000. Finally, IMA Advisory Services Inc. bought a new position in shares of ConocoPhillips during the first quarter valued at approximately $37,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 1.6%

NYSE COP opened at $92.60 on Friday. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The stock has a market cap of $115.65 billion, a P/E ratio of 12.43, a P/E/G ratio of 2.48 and a beta of 0.69. The stock’s fifty day moving average price is $94.75 and its 200-day moving average price is $92.98. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. During the same period in the prior year, the firm posted $1.98 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

Insider Activity at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the purchase, the executive vice president 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on COP. Wells Fargo & Company restated an “overweight” rating and set a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Melius Research assumed coverage on ConocoPhillips in a report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective for the company. Bank of America decreased their price objective on ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a report on Friday, May 23rd. Roth Capital reiterated a “buy” rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Finally, Citigroup decreased their price objective on ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Sixteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and an average target price of $120.86.

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.