ConocoPhillips $COP Position Reduced by Patten Group Inc.

Patten Group Inc. cut its position in shares of ConocoPhillips (NYSE:COP) by 4.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,776 shares of the energy producer’s stock after selling 294 shares during the quarter. Patten Group Inc.’s holdings in ConocoPhillips were worth $518,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Pacific Heights Asset Management LLC lifted its stake in ConocoPhillips by 14.3% during the second quarter. Pacific Heights Asset Management LLC now owns 200,000 shares of the energy producer’s stock valued at $17,948,000 after buying an additional 25,000 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its position in shares of ConocoPhillips by 27.2% in the second quarter. Cookson Peirce & Co. Inc. now owns 8,631 shares of the energy producer’s stock worth $775,000 after purchasing an additional 1,848 shares in the last quarter. Brookstone Capital Management lifted its position in shares of ConocoPhillips by 95.5% in the second quarter. Brookstone Capital Management now owns 24,851 shares of the energy producer’s stock worth $2,230,000 after purchasing an additional 12,137 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of ConocoPhillips by 0.9% in the second quarter. D.A. Davidson & CO. now owns 125,627 shares of the energy producer’s stock worth $11,274,000 after purchasing an additional 1,176 shares in the last quarter. Finally, Cullen Frost Bankers Inc. lifted its position in shares of ConocoPhillips by 2.4% in the second quarter. Cullen Frost Bankers Inc. now owns 234,928 shares of the energy producer’s stock worth $21,082,000 after purchasing an additional 5,410 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 1.2%

Shares of COP stock opened at $87.45 on Thursday. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $93.58 and its two-hundred day moving average is $91.85. The company has a market cap of $109.22 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 2.28 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating 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 company had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter last year, the company posted $1.98 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is 41.88%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on COP. Royal Bank Of Canada increased their price target on shares of ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. Raymond James Financial reduced their price target on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, September 8th. Wall Street Zen lowered shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Evercore ISI reduced their price target on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research report on Monday, October 6th. Finally, BMO Capital Markets increased their price target on shares of ConocoPhillips from $115.00 to $117.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. Eighteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $115.63.

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.