Wesbanco Bank Inc. raised its stake in shares of ConocoPhillips (NYSE:COP – Get Rating) by 4.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,367 shares of the energy producer's stock after purchasing an additional 6,129 shares during the period. Wesbanco Bank Inc.'s holdings in ConocoPhillips were worth $12,157,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in COP. Capital World Investors lifted its holdings in ConocoPhillips by 62.4% during the first quarter. Capital World Investors now owns 23,463,085 shares of the energy producer's stock valued at $2,346,309,000 after purchasing an additional 9,014,700 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new position in ConocoPhillips during the first quarter valued at $702,569,000. BlackRock Inc. lifted its holdings in ConocoPhillips by 3.4% during the fourth quarter. BlackRock Inc. now owns 111,073,845 shares of the energy producer's stock valued at $8,017,310,000 after purchasing an additional 3,652,817 shares in the last quarter. Capital Research Global Investors raised its position in shares of ConocoPhillips by 28.2% in the first quarter. Capital Research Global Investors now owns 12,335,053 shares of the energy producer's stock valued at $1,233,506,000 after buying an additional 2,715,820 shares during the last quarter. Finally, Cowa LLC raised its position in shares of ConocoPhillips by 6,475.2% in the first quarter. Cowa LLC now owns 2,375,224 shares of the energy producer's stock valued at $2,383,000 after buying an additional 2,339,100 shares during the last quarter. 79.66% of the stock is owned by hedge funds and other institutional investors.
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ConocoPhillips Trading Down 8.6 %
Shares of COP traded down $9.47 during trading on Friday, reaching $100.59. 10,157,266 shares of the company traded hands, compared to its average volume of 6,900,776. ConocoPhillips has a twelve month low of $63.54 and a twelve month high of $124.08. The stock has a market cap of $130.11 billion, a PE ratio of 8.31, a price-to-earnings-growth ratio of 0.35 and a beta of 1.31. The stock has a 50-day simple moving average of $102.78 and a 200-day simple moving average of $101.29. The company has a quick ratio of 1.44, a current ratio of 1.54 and a debt-to-equity ratio of 0.32.
ConocoPhillips (NYSE:COP – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The energy producer reported $3.91 earnings per share for the quarter, beating analysts' consensus estimates of $3.78 by $0.13. ConocoPhillips had a net margin of 23.10% and a return on equity of 31.24%. The business had revenue of $21.99 billion during the quarter, compared to analysts' expectations of $19.71 billion. During the same period last year, the business earned $1.27 earnings per share. On average, analysts anticipate that ConocoPhillips will post 14.54 earnings per share for the current year.
ConocoPhillips Dividend Announcement
The firm also recently disclosed a None dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 29th will be paid a $1.40 dividend. The ex-dividend date is Thursday, September 29th. ConocoPhillips's payout ratio is 15.19%.
Insider Activity
In other news, EVP Nicholas G. Olds sold 10,950 shares of the firm's stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $116.52, for a total value of $1,275,894.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.08% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group reduced their target price on shares of ConocoPhillips from $140.00 to $123.00 and set a "buy" rating for the company in a research report on Wednesday, June 22nd. Piper Sandler increased their target price on shares of ConocoPhillips from $123.00 to $134.00 and gave the company an "overweight" rating in a research report on Monday, September 12th. Societe Generale increased their target price on shares of ConocoPhillips to $127.00 in a research report on Thursday, June 9th. Bank of America increased their target price on shares of ConocoPhillips from $134.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, September 19th. Finally, Mizuho reduced their target price on shares of ConocoPhillips from $148.00 to $138.00 and set a "buy" rating for the company in a research report on Thursday, August 18th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $121.79.
About ConocoPhillips
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ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.