Cullen Frost Bankers Inc. Purchases 2,463 Shares of ConocoPhillips (NYSE:COP)
Cullen Frost Bankers Inc. boosted its position in ConocoPhillips (NYSE:COP) by 4.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,529 shares of the energy producer’s stock after acquiring an additional 2,463 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in ConocoPhillips were worth $3,449,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in COP. Rothschild & Co Wealth Management UK Ltd bought a new stake in shares of ConocoPhillips during the second quarter worth $27,000. Valley National Advisers Inc. grew its stake in shares of ConocoPhillips by 64.9% during the second quarter. Valley National Advisers Inc. now owns 503 shares of the energy producer’s stock worth $31,000 after buying an additional 198 shares during the last quarter. Manchester Financial Inc. bought a new stake in shares of ConocoPhillips during the second quarter worth $34,000. AllSquare Wealth Management LLC grew its stake in shares of ConocoPhillips by 1,018.0% during the second quarter. AllSquare Wealth Management LLC now owns 559 shares of the energy producer’s stock worth $34,000 after buying an additional 509 shares during the last quarter. Finally, Prestige Wealth Management Group LLC bought a new stake in shares of ConocoPhillips during the second quarter worth $38,000. 71.45% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have weighed in on COP shares. Barclays started coverage on shares of ConocoPhillips in a research note on Monday, August 19th. They set an “overweight” rating and a $79.00 target price on the stock. Baader Bank reaffirmed a “neutral” rating and set a $52.00 target price on shares of ConocoPhillips in a research note on Tuesday, October 29th. UBS Group raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $70.00 to $75.00 in a research note on Monday, September 16th. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Goldman Sachs Group set a $67.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Friday, October 11th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $70.40.
ConocoPhillips (NYSE:COP) last released its earnings results on Tuesday, October 29th. The energy producer reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.04. The business had revenue of $10.09 billion for the quarter, compared to analyst estimates of $7.06 billion. ConocoPhillips had a net margin of 21.44% and a return on equity of 13.54%. During the same quarter in the previous year, the business earned $1.36 earnings per share. Analysts predict that ConocoPhillips will post 3.62 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, October 17th will be issued a $0.42 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, October 16th. This represents a $1.68 annualized dividend and a yield of 2.85%. ConocoPhillips’s payout ratio is presently 37.09%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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