CNB Bank Increases Position in ConocoPhillips (NYSE:COP)

CNB Bank increased its position in ConocoPhillips (NYSE:COP) by 10.2% in the third quarter, HoldingsChannel.com reports. The fund owned 7,650 shares of the energy producer’s stock after buying an additional 711 shares during the period. CNB Bank’s holdings in ConocoPhillips were worth $805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stephens Consulting LLC raised its stake in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in ConocoPhillips in the first quarter valued at approximately $31,000. Ruedi Wealth Management Inc. increased its holdings in ConocoPhillips by 150.0% in the 1st quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after buying an additional 150 shares during the period. Valued Wealth Advisors LLC raised its position in ConocoPhillips by 45.8% during the 1st quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after buying an additional 82 shares during the last quarter. Finally, Y.D. More Investments Ltd acquired a new stake in ConocoPhillips during the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

COP has been the topic of a number of research reports. Barclays cut their price objective on shares of ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Susquehanna cut their price target on ConocoPhillips from $147.00 to $144.00 and set a “positive” rating on the stock in a research report on Friday. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a research note on Friday. Sanford C. Bernstein lowered their target price on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a research report on Friday, September 13th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $136.94.

Insider Buying and Selling at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.34% of the company’s stock.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $105.67 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The company’s fifty day moving average price is $109.01 and its 200 day moving average price is $114.78. The stock has a market capitalization of $122.71 billion, a P/E ratio of 11.78, a P/E/G ratio of 0.87 and a beta of 1.21. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter last year, the business earned $1.84 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that ConocoPhillips will post 7.99 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.20%. ConocoPhillips’s dividend payout ratio (DPR) is currently 25.86%.

ConocoPhillips 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.