Grove Bank & Trust Cuts Position in ConocoPhillips (NYSE:COP)

Grove Bank & Trust lessened its holdings in ConocoPhillips (NYSE:COP) by 26.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,542 shares of the energy producer’s stock after selling 4,580 shares during the period. Grove Bank & Trust’s holdings in ConocoPhillips were worth $1,320,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Stephens Consulting LLC grew 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 valued at $29,000 after buying an additional 104 shares in the last quarter. Richardson Capital Management LLC purchased a new position in shares of ConocoPhillips in the first quarter valued at $31,000. Northwest Bank & Trust Co acquired a new stake in ConocoPhillips during the 4th quarter valued at $32,000. Ruedi Wealth Management Inc. increased its stake in ConocoPhillips by 150.0% during 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. Finally, Valued Wealth Advisors LLC boosted its position in ConocoPhillips by 45.8% in the 1st quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock valued at $33,000 after buying an additional 82 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on COP. Truist Financial dropped their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. UBS Group decreased their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Wells Fargo & Company reduced their price objective on shares of ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Sanford C. Bernstein decreased their price objective on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Finally, BMO Capital Markets upped their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $137.12.

ConocoPhillips Stock Performance

NYSE:COP traded down $0.44 during midday trading on Monday, reaching $110.05. 1,312,162 shares of the company traded hands, compared to its average volume of 5,925,362. The firm has a market capitalization of $128.71 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The company has a fifty day moving average price of $109.06 and a 200 day moving average price of $115.47. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping the consensus estimate of $1.96 by $0.02. The business had revenue of $14.14 billion during the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.84 earnings per share. On average, analysts expect that ConocoPhillips will post 8.02 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.11%. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Transactions at ConocoPhillips

In related news, Director Timothy A. Leach sold 55,500 shares of the firm’s 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 in the company, valued at $49,288,321.99. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

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.