Eastern Bank Reduces Stake in ConocoPhillips $COP

Eastern Bank lowered its position in ConocoPhillips (NYSE:COP) by 19.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 140,146 shares of the energy producer’s stock after selling 33,413 shares during the period. Eastern Bank’s holdings in ConocoPhillips were worth $12,577,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of COP. Charles Schwab Investment Management Inc. boosted its position in ConocoPhillips by 379.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares in the last quarter. Nuveen LLC purchased a new stake in ConocoPhillips in the 1st quarter worth approximately $658,981,000. AQR Capital Management LLC boosted its position in ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock worth $484,539,000 after purchasing an additional 3,058,505 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after purchasing an additional 2,080,625 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in ConocoPhillips by 53.8% in the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock worth $550,334,000 after purchasing an additional 1,834,118 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Down 4.5%

NYSE COP opened at $87.83 on Friday. The business has a fifty day moving average price of $94.60 and a 200 day moving average price of $92.59. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. 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 company has a market cap of $109.70 billion, a P/E ratio of 11.79, a P/E/G ratio of 2.44 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data 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 return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. During the same period in the prior year, the company earned $1.98 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

Analyst Ratings Changes

COP has been the topic of several recent research reports. BMO Capital Markets upped their price objective on ConocoPhillips from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Scotiabank upped their target price on ConocoPhillips from $95.00 to $100.00 and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Royal Bank Of Canada reduced their target price on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, July 11th. UBS Group upped their target price on ConocoPhillips from $116.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Finally, Melius Research started coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price for the company. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.23.

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.