ConocoPhillips $COP Stock: Adirondack Trust Co. Grows Stake

Adirondack Trust Co. boosted its holdings in shares of ConocoPhillips (NYSE:COP) by 225.9% in the 3rd quarter, Holdings Channel reports. The firm owned 8,715 shares of the energy producer’s stock after buying an additional 6,041 shares during the period. Adirondack Trust Co.’s holdings in ConocoPhillips were worth $1,091,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in COP. State Street Corp boosted its stake in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after acquiring an additional 50,116,727 shares in the last quarter. BlackRock Inc. raised its position in shares of ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after purchasing an additional 2,712,703 shares during the period. Wellington Management Group LLP raised its position in shares of ConocoPhillips by 12.0% during the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after purchasing an additional 1,609,759 shares during the period. Invesco Ltd. lifted its holdings in shares of ConocoPhillips by 2.2% during the fourth quarter. Invesco Ltd. now owns 13,413,036 shares of the energy producer’s stock valued at $1,255,594,000 after purchasing an additional 290,888 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of ConocoPhillips during the second quarter valued at $1,260,482,000. 82.36% of the stock is currently owned by institutional investors.

Insider Activity at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president directly owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

ConocoPhillips Stock Up 0.9%

NYSE COP traded up $1.33 during trading on Wednesday, reaching $142.23. 2,023,956 shares of the company’s stock were exchanged, compared to its average volume of 8,054,104. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $142.50. The firm has a market capitalization of $170.86 billion, a PE ratio of 18.83, a P/E/G ratio of 1.41 and a beta of 0.24. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The company’s fifty day simple moving average is $130.48 and its 200-day simple moving average is $122.15.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.34. The company had revenue of $19.52 billion for the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The business’s revenue for the quarter was up 32.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 EPS. Sell-side analysts predict that ConocoPhillips will post 10.84 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group decreased their price target on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Roth Capital upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $124.00 to $130.00 in a report on Monday, June 22nd. Truist Financial upped their price objective on shares of ConocoPhillips from $130.00 to $136.00 and gave the company a “hold” rating in a research note on Wednesday, October 7th. Stifel Nicolaus initiated coverage on shares of ConocoPhillips in a research note on Thursday, September 10th. They set a “hold” rating and a $148.00 price objective for the company. Finally, Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.29.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.