CNB Bank Boosts Stock Position in ConocoPhillips $COP

CNB Bank increased its holdings in ConocoPhillips (NYSE:COP) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,813 shares of the energy producer’s stock after purchasing an additional 236 shares during the period. CNB Bank’s holdings in ConocoPhillips were worth $881,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Spire Wealth Management increased its position in shares of ConocoPhillips by 10.5% during the 1st quarter. Spire Wealth Management now owns 18,646 shares of the energy producer’s stock valued at $1,958,000 after purchasing an additional 1,776 shares during the last quarter. Pure Financial Advisors LLC increased its position in shares of ConocoPhillips by 8.3% during the 1st quarter. Pure Financial Advisors LLC now owns 4,366 shares of the energy producer’s stock valued at $459,000 after purchasing an additional 336 shares during the last quarter. Perpetual Ltd increased its position in shares of ConocoPhillips by 122.3% during the 1st quarter. Perpetual Ltd now owns 34,750 shares of the energy producer’s stock valued at $3,649,000 after purchasing an additional 19,119 shares during the last quarter. Falcon Wealth Planning bought a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $220,000. Finally, Hidden Cove Wealth Management LLC bought a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $202,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Piper Sandler cut their target price on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, October 13th. Melius began 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. Evercore ISI cut their price objective on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a research report on Monday, October 6th. Wells Fargo & Company began coverage on ConocoPhillips in a research report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 price objective on the stock. Finally, UBS Group cut their price objective on ConocoPhillips from $124.00 to $122.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Eighteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $115.63.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock opened at $88.01 on Friday. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38. The company has a market capitalization of $109.92 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 2.40 and a beta of 0.62. The stock’s fifty day moving average is $93.32 and its two-hundred day moving average is $91.92. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping 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 business had revenue of $14.94 billion during the quarter, compared to analysts’ expectations of $14.39 billion. During the same period in the prior year, the business earned $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 expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

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.