Fifth Third Bancorp Buys 480,631 Shares of ConocoPhillips $COP

Fifth Third Bancorp raised its stake in ConocoPhillips (NYSE:COP) by 137.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 830,040 shares of the energy producer’s stock after buying an additional 480,631 shares during the quarter. Fifth Third Bancorp’s holdings in ConocoPhillips were worth $109,565,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in ConocoPhillips during the 4th quarter valued at $25,000. KERR FINANCIAL PLANNING Corp bought a new stake in shares of ConocoPhillips in the 3rd quarter worth $28,000. Board of the Pension Protection Fund purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at about $28,000. Strive Asset Management LLC bought a new position in shares of ConocoPhillips during the third quarter valued at about $28,000. Finally, BNP Paribas bought a new position in shares of ConocoPhillips during the second quarter valued at about $33,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on COP shares. UBS Group reduced their price objective on shares of ConocoPhillips from $155.00 to $143.00 and set a “buy” rating for the company in a research report on Wednesday. Susquehanna upped their target price on ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Truist Financial decreased their price target on ConocoPhillips from $128.00 to $115.00 and set a “hold” rating for the company in a research report on Wednesday. Argus boosted their price objective on ConocoPhillips from $128.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, The Goldman Sachs Group reduced their price objective on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $134.04.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock traded up $1.04 on Friday, reaching $109.06. 6,977,036 shares of the company traded hands, compared to its average volume of 7,638,942. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The company has a 50 day moving average of $114.15 and a 200 day moving average of $112.66. The firm has a market capitalization of $132.86 billion, a PE ratio of 18.52, a PEG ratio of 1.31 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $15.62 billion. During the same quarter in the previous year, the firm posted $2.09 EPS. ConocoPhillips’s revenue was down 6.1% on a year-over-year basis. Equities analysts forecast that ConocoPhillips will post 9.28 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 annualized dividend and a dividend yield of 3.1%. ConocoPhillips’s payout ratio is presently 57.05%.

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.