Towne Trust Company N.A Has $6.16 Million Holdings in ConocoPhillips $COP

Towne Trust Company N.A lessened its position in ConocoPhillips (NYSE:COP) by 49.6% during the 1st quarter, Holdings Channel reports. The firm owned 46,634 shares of the energy producer’s stock after selling 45,971 shares during the quarter. ConocoPhillips makes up about 2.0% of Towne Trust Company N.A’s investment portfolio, making the stock its 16th biggest position. Towne Trust Company N.A’s holdings in ConocoPhillips were worth $6,156,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Capital International Investors increased its holdings in shares of ConocoPhillips by 18.2% during the third quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock worth $4,318,239,000 after buying an additional 7,037,873 shares in the last quarter. AQR Capital Management LLC grew its position in ConocoPhillips by 229.2% during the 4th quarter. AQR Capital Management LLC now owns 3,595,177 shares of the energy producer’s stock worth $336,544,000 after acquiring an additional 2,503,156 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ConocoPhillips by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock valued at $3,880,151,000 after purchasing an additional 2,350,645 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in ConocoPhillips by 20.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer’s stock valued at $1,228,886,000 after purchasing an additional 2,216,010 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in ConocoPhillips in the 3rd quarter valued at $135,265,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on COP. Piper Sandler increased their target price on ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Truist Financial set a $128.00 price target on shares of ConocoPhillips in a research report on Friday, May 1st. Wolfe Research raised their price objective on shares of ConocoPhillips from $138.00 to $144.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Scotiabank boosted their target price on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Capital One Financial reduced their target price on shares of ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research report on Monday, May 18th. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average price target of $134.04.

ConocoPhillips Price Performance

Shares of COP stock opened at $105.63 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.87. The firm has a market cap of $128.69 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.17 and a beta of 0.11. The stock has a 50-day moving average price of $117.29 and a 200 day moving average price of $111.81.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion for the quarter, compared to analyst estimates of $15.62 billion. During the same quarter last year, the firm earned $2.09 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. Research analysts expect that ConocoPhillips will post 10.03 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s dividend payout ratio is currently 57.05%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, CEO Ryan Michael Lance sold 113,221 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total value of $15,025,558.91. Following the transaction, the chief executive officer directly owned 350,000 shares of the company’s stock, valued at approximately $46,448,500. This trade represents a 24.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.09% of the company’s stock.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.