Comerica Bank Sells 10,744 Shares of ConocoPhillips $COP

Key Points

• Comerica Bank has reduced its stake in ConocoPhillips by 2.1%, now holding 506,990 shares valued at approximately $53.24 million.
• Charles Schwab Investment Management has dramatically increased its stake in ConocoPhillips by 379.7%, now owning over 40 million shares worth approximately $4.21 billion.
• ConocoPhillips reported $1.42 earnings per share for the last quarter, exceeding estimates and indicating a 4.3% revenue growth compared to the previous year.

Comerica Bank lessened its stake in ConocoPhillips (NYSE:COP - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 506,990 shares of the energy producer's stock after selling 10,744 shares during the quarter. Comerica Bank's holdings in ConocoPhillips were worth $53,244,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Second Line Capital LLC grew its stake in shares of ConocoPhillips by 2.2% in the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer's stock valued at $495,000 after acquiring an additional 108 shares in the last quarter. Meiji Yasuda Life Insurance Co grew its stake in ConocoPhillips by 1.6% during the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer's stock worth $703,000 after buying an additional 110 shares in the last quarter. LRI Investments LLC grew its stake in ConocoPhillips by 3.6% during the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer's stock worth $316,000 after buying an additional 110 shares in the last quarter. KLCM Advisors Inc. grew its stake in ConocoPhillips by 2.6% during the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer's stock worth $473,000 after buying an additional 115 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators grew its stake in ConocoPhillips by 3.9% during the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer's stock worth $334,000 after buying an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on COP shares. Raymond James Financial increased their price objective on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reduced their price target on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research note on Friday, July 11th. Citigroup reduced their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Bank of America reduced their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Finally, Piper Sandler raised their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.95.

ConocoPhillips Trading Up 0.6%

NYSE COP traded up $0.62 during trading hours on Thursday, reaching $98.52. The company's stock had a trading volume of 4,240,817 shares, compared to its average volume of 8,038,302. The firm has a fifty day simple moving average of $93.98 and a 200-day simple moving average of $93.24. The stock has a market cap of $123.05 billion, a P/E ratio of 13.22, a P/E/G ratio of 2.54 and a beta of 0.67. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $1.98 EPS. Equities analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be issued a dividend of $0.78 per share. The ex-dividend date is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.2%. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Insider Transactions at ConocoPhillips

In other news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.24% of the company's stock.

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.