Trust Co. of Oklahoma Sells 673 Shares of ConocoPhillips $COP

Trust Co. of Oklahoma reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 6.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,060 shares of the energy producer’s stock after selling 673 shares during the period. Trust Co. of Oklahoma’s holdings in ConocoPhillips were worth $903,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in COP. Charles Schwab Investment Management Inc. boosted its holdings in ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after purchasing an additional 31,736,423 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of ConocoPhillips by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after buying an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after buying an additional 2,080,625 shares during the period. Ameriprise Financial Inc. grew its position in ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after acquiring an additional 1,073,906 shares during the period. Finally, Nuveen LLC acquired a new position in ConocoPhillips during the first quarter worth $658,981,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analysts Set New Price Targets

COP has been the topic of several analyst reports. Melius started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price on the stock. Piper Sandler boosted their price objective on ConocoPhillips from $123.00 to $124.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Morgan Stanley reiterated an “overweight” rating and set a $123.00 price target (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Citigroup dropped their target price on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, June 11th. Finally, Raymond James Financial lowered their price target on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, September 8th. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $120.86.

ConocoPhillips Price Performance

Shares of COP stock opened at $92.60 on Friday. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The stock has a market cap of $115.65 billion, a PE ratio of 12.43, a PEG ratio of 2.48 and a beta of 0.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The firm’s 50 day moving average price is $94.75 and its two-hundred day moving average price is $92.95.

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

ConocoPhillips Announces Dividend

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

Insider Transactions at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was 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 $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.24% of the company’s stock.

ConocoPhillips Company 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.