Central Pacific Bank Trust Division Lowers Stock Holdings in ConocoPhillips (NYSE:COP)

Central Pacific Bank Trust Division cut its holdings in ConocoPhillips (NYSE:COP - Free Report) by 46.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,903 shares of the energy producer's stock after selling 5,995 shares during the period. Central Pacific Bank Trust Division's holdings in ConocoPhillips were worth $725,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in COP. Tallon Kerry Patrick acquired a new position in ConocoPhillips during the fourth quarter worth $511,000. Perigon Wealth Management LLC lifted its stake in ConocoPhillips by 14.3% during the fourth quarter. Perigon Wealth Management LLC now owns 8,192 shares of the energy producer's stock worth $865,000 after purchasing an additional 1,028 shares in the last quarter. Strategic Blueprint LLC lifted its stake in ConocoPhillips by 50.5% during the fourth quarter. Strategic Blueprint LLC now owns 9,045 shares of the energy producer's stock worth $897,000 after purchasing an additional 3,035 shares in the last quarter. Foster & Motley Inc. lifted its stake in ConocoPhillips by 19.6% during the fourth quarter. Foster & Motley Inc. now owns 14,150 shares of the energy producer's stock worth $1,403,000 after purchasing an additional 2,314 shares in the last quarter. Finally, Synergy Asset Management LLC acquired a new position in ConocoPhillips during the fourth quarter worth $56,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on COP. Scotiabank reduced their price objective on ConocoPhillips from $115.00 to $95.00 and set a "sector perform" rating on the stock in a research note on Friday, April 11th. Bank of America reduced their price objective on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Royal Bank of Canada reduced their price objective on ConocoPhillips from $120.00 to $115.00 and set an "outperform" rating on the stock in a research note on Friday. Raymond James reiterated an "outperform" rating and issued a $109.00 price objective (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Finally, UBS Group reduced their price objective on ConocoPhillips from $116.00 to $111.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Three analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $121.63.

ConocoPhillips Stock Performance

Shares of COP stock traded down $0.48 during mid-day trading on Friday, hitting $85.12. 20,169,963 shares of the stock were exchanged, compared to its average volume of 7,395,001. The stock's fifty day simple moving average is $90.46 and its two-hundred day simple moving average is $97.34. The stock has a market capitalization of $107.61 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 0.79 and a beta of 0.64. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $118.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.04. The company had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. During the same quarter last year, the company posted $2.05 earnings per share. On average, analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Monday, May 19th. ConocoPhillips's payout ratio is 39.64%.

ConocoPhillips Company 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.