ConocoPhillips $COP Stake Boosted by Adirondack Trust Co.

Adirondack Trust Co. raised its holdings in shares of ConocoPhillips (NYSE:COP) by 225.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,715 shares of the energy producer’s stock after purchasing an additional 6,041 shares during the period. Adirondack Trust Co.’s holdings in ConocoPhillips were worth $1,091,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. State Street Corp increased its holdings in shares of ConocoPhillips by 73.2% in the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after acquiring an additional 50,116,727 shares during the period. Bank of America Corp DE acquired a new position in ConocoPhillips during the 2nd quarter valued at about $1,260,482,000. Primecap Management Co. CA bought a new position in ConocoPhillips in the 2nd quarter worth about $1,204,726,000. Legal & General Group Plc bought a new position in ConocoPhillips in the 2nd quarter worth about $716,151,000. Finally, Jupiter Topco LLC bought a new position in ConocoPhillips in the 2nd quarter worth about $427,954,000. Institutional investors own 82.36% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Zacks Research upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Freedom Capital raised ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Mizuho cut their target price on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Finally, Morgan Stanley boosted their price target on ConocoPhillips from $147.00 to $151.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.29.

Insider Activity

In other news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.09% of the company’s stock.

ConocoPhillips Price Performance

Shares of NYSE:COP traded up $1.33 during trading on Wednesday, reaching $142.23. The company had a trading volume of 2,023,956 shares, compared to its average volume of 8,054,104. The firm’s fifty day moving average is $130.48 and its 200 day moving average is $122.15. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The firm has a market capitalization of $170.86 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.41 and a beta of 0.24. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $142.50.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, beating analysts’ consensus estimates of $2.90 by $0.34. The business had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business’s revenue for the quarter was up 32.4% on a year-over-year basis. During the same quarter last year, the business earned $1.42 earnings per share. On average, equities analysts forecast that ConocoPhillips will post 10.84 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a dividend of $0.84 per share. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.

ConocoPhillips Company Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.