Washington Trust Bank Acquires 7,773 Shares of ConocoPhillips $COP

Washington Trust Bank grew its stake in shares of ConocoPhillips (NYSE:COP) by 12.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,537 shares of the energy producer’s stock after purchasing an additional 7,773 shares during the quarter. Washington Trust Bank’s holdings in ConocoPhillips were worth $6,330,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of ConocoPhillips by 379.7% during the first 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 in the last quarter. Nuveen LLC purchased a new position in ConocoPhillips in the first quarter worth about $658,981,000. AQR Capital Management LLC lifted its position in shares of ConocoPhillips by 190.5% during 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 buying an additional 3,058,505 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of ConocoPhillips by 30.2% during 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 buying an additional 2,080,625 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of ConocoPhillips by 53.8% during the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock valued at $550,334,000 after buying an additional 1,834,118 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP stock opened at $87.79 on Thursday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $115.38. The stock has a market capitalization of $109.65 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 2.36 and a beta of 0.62. The stock has a fifty day simple moving average of $92.08 and a two-hundred day simple moving average of $92.03. The company has a current ratio of 1.27, a quick ratio of 1.10 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. On average, analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Susquehanna lowered their price target on ConocoPhillips to $113.00 and set a “positive” rating on the stock in a report on Monday, October 20th. Melius initiated coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective on the stock. Royal Bank Of Canada lifted their price objective on ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Raymond James Financial reduced their price objective on ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, September 8th. Finally, Wall Street Zen downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. 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’s stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.63.

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.