Grove Bank & Trust Reduces Stock Position in ConocoPhillips $COP

Grove Bank & Trust trimmed its position in ConocoPhillips (NYSE:COP) by 33.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,762 shares of the energy producer’s stock after selling 7,012 shares during the period. Grove Bank & Trust’s holdings in ConocoPhillips were worth $1,235,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. YHB Investment Advisors Inc. grew its holdings in shares of ConocoPhillips by 4.0% during the second quarter. YHB Investment Advisors Inc. now owns 17,625 shares of the energy producer’s stock worth $1,582,000 after buying an additional 682 shares in the last quarter. HF Advisory Group LLC boosted its position in ConocoPhillips by 11.6% during the second quarter. HF Advisory Group LLC now owns 19,438 shares of the energy producer’s stock worth $1,744,000 after acquiring an additional 2,028 shares during the last quarter. Polianta Ltd purchased a new stake in ConocoPhillips in the 2nd quarter worth approximately $1,301,000. Strathmore Capital Advisors Inc. acquired a new position in ConocoPhillips in the 2nd quarter valued at $314,000. Finally, Atticus Wealth Management LLC raised its holdings in ConocoPhillips by 266.0% in the 2nd quarter. Atticus Wealth Management LLC now owns 3,100 shares of the energy producer’s stock valued at $278,000 after acquiring an additional 2,253 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on COP. Bank of America decreased their price objective on ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a report on Friday, May 23rd. Scotiabank lifted their price target on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a report on Friday, July 11th. Melius Research started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective on the stock. Royal Bank Of Canada decreased their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, July 11th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $120.62.

ConocoPhillips Stock Down 0.3%

Shares of NYSE:COP opened at $93.50 on Friday. The company has a market capitalization of $116.78 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 2.47 and a beta of 0.69. The company has a 50 day moving average of $94.66 and a two-hundred day moving average of $92.90. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

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

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips’s dividend payout ratio (DPR) is currently 41.88%.

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.