OLD National Bancorp IN Trims Stock Holdings in ConocoPhillips $COP

OLD National Bancorp IN reduced its position in shares of ConocoPhillips (NYSE:COP) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 109,139 shares of the energy producer’s stock after selling 3,441 shares during the quarter. OLD National Bancorp IN’s holdings in ConocoPhillips were worth $9,794,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Financial Network Wealth Advisors LLC increased its holdings in ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after purchasing an additional 222 shares during the period. Stone House Investment Management LLC purchased a new position in ConocoPhillips during the 1st quarter worth $31,000. Garde Capital Inc. purchased a new position in ConocoPhillips during the 1st quarter worth $35,000. IMA Advisory Services Inc. purchased a new position in ConocoPhillips during the 1st quarter worth $37,000. Finally, Clal Insurance Enterprises Holdings Ltd increased its holdings in ConocoPhillips by 418.6% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer’s stock worth $38,000 after purchasing an additional 293 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Up 0.8%

ConocoPhillips stock opened at $94.17 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a market capitalization of $117.61 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 2.48 and a beta of 0.62. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The business has a fifty day moving average price of $94.92 and a 200-day moving average price of $92.85.

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

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. ConocoPhillips’s payout ratio is currently 41.88%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Melius assumed coverage on ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price on the stock. Roth Capital reaffirmed a “buy” rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. Melius Research assumed coverage on ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price on the stock. Piper Sandler increased their target price on ConocoPhillips from $123.00 to $124.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $119.77.

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.