Bank of America Corp DE Has $1.68 Billion Stake in ConocoPhillips $COP

Key Points

• Bank of America cut its ConocoPhillips stake by 34.2% in the first quarter, selling 6.63 million shares. It still held 12.75 million shares worth approximately $1.68 billion, or 1.05% of the company.
• Institutional investors and hedge funds own 82.36% of ConocoPhillips, while several firms increased their positions during the fourth quarter.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $134.16. ConocoPhillips recently beat quarterly earnings expectations, reporting $1.89 in EPS versus the $1.72 consensus, although revenue declined 6.1% year over year.

Bank of America Corp DE reduced its position in ConocoPhillips (NYSE:COP - Free Report) by 34.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,753,487 shares of the energy producer's stock after selling 6,628,442 shares during the quarter. Bank of America Corp DE owned approximately 1.05% of ConocoPhillips worth $1,683,460,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of COP. Concurrent Investment Advisors LLC lifted its holdings in shares of ConocoPhillips by 31.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer's stock worth $8,067,000 after purchasing an additional 20,501 shares in the last quarter. D.A. Davidson & CO. increased its stake in ConocoPhillips by 10.5% during the 4th quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer's stock valued at $14,572,000 after purchasing an additional 14,833 shares in the last quarter. Assetmark Inc. increased its stake in ConocoPhillips by 17.6% during the 4th quarter. Assetmark Inc. now owns 410,229 shares of the energy producer's stock valued at $38,402,000 after purchasing an additional 61,361 shares in the last quarter. BXM Wealth LLC raised its holdings in ConocoPhillips by 691.6% during the fourth quarter. BXM Wealth LLC now owns 40,016 shares of the energy producer's stock worth $3,746,000 after buying an additional 34,961 shares during the last quarter. Finally, HF Advisory Group LLC raised its holdings in ConocoPhillips by 255.7% during the fourth quarter. HF Advisory Group LLC now owns 76,064 shares of the energy producer's stock worth $7,120,000 after buying an additional 54,679 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Truist Financial reduced their price objective on shares of ConocoPhillips from $128.00 to $115.00 and set a "hold" rating for the company in a report on Wednesday, July 8th. Jefferies Financial Group upped their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Royal Bank Of Canada set a $130.00 price objective on ConocoPhillips in a report on Monday, June 22nd. Piper Sandler increased their price objective on ConocoPhillips from $154.00 to $157.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Finally, Sanford C. Bernstein raised their target price on ConocoPhillips from $98.00 to $121.00 and gave the company an "outperform" rating in a report on Monday, April 13th. 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. According to data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $134.16.

ConocoPhillips Stock Performance

Shares of COP stock opened at $118.94 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The firm has a market cap of $144.90 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 1.43 and a beta of 0.12. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The firm's 50-day simple moving average is $112.98 and its two-hundred day simple moving average is $114.89.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating 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 firm had revenue of $15.76 billion during the quarter, compared to the consensus estimate of $15.62 billion. During the same period in the prior year, the firm earned $2.09 EPS. The company's revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts forecast that ConocoPhillips will post 9.2 earnings per share for the current year.

About ConocoPhillips

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.

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