First Western Trust Bank Trims Position in ConocoPhillips (NYSE:COP)

First Western Trust Bank decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 9.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,847 shares of the energy producer’s stock after selling 192 shares during the period. First Western Trust Bank’s holdings in ConocoPhillips were worth $211,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in ConocoPhillips by 35.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after acquiring an additional 8,479,963 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of ConocoPhillips by 0.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 27,672,104 shares of the energy producer’s stock worth $3,211,901,000 after purchasing an additional 108,956 shares during the period. Capital International Investors grew its position in ConocoPhillips by 9.6% in the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after buying an additional 1,856,085 shares during the last quarter. Bank of New York Mellon Corp increased its stake in ConocoPhillips by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock valued at $1,907,542,000 after buying an additional 826,529 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in ConocoPhillips by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,011,035 shares of the energy producer’s stock worth $1,394,162,000 after buying an additional 270,859 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Price Performance

COP stock opened at $107.45 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 stock’s 50 day moving average price is $111.37 and its 200 day moving average price is $116.98. The firm has a market cap of $124.78 billion, a P/E ratio of 12.17, a PEG ratio of 0.85 and a beta of 1.22. ConocoPhillips has a 1 year low of $102.27 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. The business had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.84 earnings per share. On average, sell-side analysts expect that ConocoPhillips will post 8.5 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. Investors of record on Monday, August 12th were paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s payout ratio is 26.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on COP shares. Scotiabank lowered their target price on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Raymond James reaffirmed a “strong-buy” rating and issued a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Mizuho cut their target price on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research note on Wednesday, June 5th. Wolfe Research initiated coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price target on the stock. Finally, Truist Financial cut their price objective on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $143.24.

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.