ConocoPhillips (NYSE:COP) Shares Sold by Commerce Bank

Key Points

• Commerce Bank reduced its stake in ConocoPhillips by 58.4%, selling 195,383 shares in the first quarter and now holds 138,923 shares valued at approximately $14.59 million.
• ConocoPhillips reported $2.09 EPS for its latest quarter, slightly exceeding analysts' expectations of $2.05, with a revenue of $16.18 billion against an estimate of $15.74 billion.
• The company announced a quarterly dividend of $0.78 per share, resulting in an annualized yield of 3.4% and a payout ratio of 39.64%.

Commerce Bank trimmed its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 58.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,923 shares of the energy producer's stock after selling 195,383 shares during the period. Commerce Bank's holdings in ConocoPhillips were worth $14,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 10Elms LLP bought a new position in ConocoPhillips during the 4th quarter worth about $28,000. Garde Capital Inc. bought a new position in ConocoPhillips during the 1st quarter worth about $35,000. IMA Advisory Services Inc. bought a new position in ConocoPhillips during the 1st quarter worth about $37,000. Fourth Dimension Wealth LLC bought a new position in ConocoPhillips during the 4th quarter worth about $39,000. Finally, MorganRosel Wealth Management LLC bought a new position in ConocoPhillips during the 1st quarter worth about $42,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

COP stock traded down $2.59 during trading on Friday, reaching $92.75. The company had a trading volume of 6,348,613 shares, compared to its average volume of 5,734,546. The firm has a 50-day simple moving average of $91.97 and a 200-day simple moving average of $93.99. The company has a market cap of $117.25 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.04. The company had revenue of $16.18 billion during the quarter, compared to analysts' expectations of $15.74 billion. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. During the same period last year, the business earned $2.05 EPS. As a group, sell-side analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. ConocoPhillips's dividend payout ratio (DPR) is 39.64%.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson acquired 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The stock was acquired at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.24% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on COP shares. Scotiabank increased their target price on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Piper Sandler restated an "overweight" rating and issued a $123.00 price target (up from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Citigroup lowered their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Mizuho lowered their price target on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Royal Bank Of Canada lowered their price target on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a report on Friday, July 11th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.33.

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.