Equitable Trust Co. Reduces Stock Holdings in ConocoPhillips $COP

Equitable Trust Co. reduced its holdings in ConocoPhillips (NYSE:COP) by 1.3% during the 2nd quarter, Holdings Channel reports. The fund owned 11,641 shares of the energy producer’s stock after selling 153 shares during the period. Equitable Trust Co.’s holdings in ConocoPhillips were worth $1,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in COP. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 valued at $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Nuveen LLC acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $658,981,000. AQR Capital Management LLC lifted its stake in shares of ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the period. Finally, Deutsche Bank AG lifted its stake in shares of ConocoPhillips by 53.8% in the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock valued at $550,334,000 after purchasing an additional 1,834,118 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of ConocoPhillips from $114.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Morgan Stanley decreased their target price on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating for the company in a research note on Tuesday. Melius assumed coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price for the company. Wells Fargo & Company reiterated an “overweight” rating and issued a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Finally, Melius Research initiated coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price for the company. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $117.13.

ConocoPhillips Stock Performance

NYSE:COP opened at $88.17 on Wednesday. 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 fifty day moving average of $94.42 and a two-hundred day moving average of $92.32. The stock has a market capitalization of $110.11 billion, a PE ratio of 11.83, a P/E/G ratio of 2.36 and a beta of 0.62. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. The company had revenue of $14.94 billion during the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.98 earnings per share. As a group, research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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

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.