ConocoPhillips $COP Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp reduced its stake in ConocoPhillips (COP) by 4.6%, now holding 383,262 shares valued at $34.39 million according to its recent SEC filing.
• Analysts have set a moderate buy rating for ConocoPhillips with an average price target of $120.14, following a series of adjustments to their price objectives from several firms.
• ConocoPhillips reported $1.42 earnings per share, surpassing expectations, with a revenue of $14.94 billion, reflecting a 4.3% increase year-over-year.

Fifth Third Bancorp lowered its holdings in ConocoPhillips (NYSE:COP - Free Report) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 383,262 shares of the energy producer's stock after selling 18,343 shares during the period. Fifth Third Bancorp's holdings in ConocoPhillips were worth $34,394,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in COP. Financial Network Wealth Advisors LLC boosted its position in shares of ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after buying an additional 222 shares during the period. Stone House Investment Management LLC acquired a new position in ConocoPhillips during the 1st quarter worth approximately $31,000. Garde Capital Inc. purchased a new position in ConocoPhillips in the 1st quarter worth approximately $35,000. IMA Advisory Services Inc. acquired a new stake in ConocoPhillips in the first quarter valued at approximately $37,000. Finally, Clal Insurance Enterprises Holdings Ltd raised its stake in shares of ConocoPhillips by 418.6% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock valued at $38,000 after purchasing an additional 293 shares during the period. Hedge funds and other institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

COP has been the subject of several analyst reports. Melius Research assumed coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Mizuho decreased their price objective on shares of ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Scotiabank raised their price objective on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. Wells Fargo & Company restated an "overweight" rating and set a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Finally, Raymond James Financial reduced their target price on ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, September 8th. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $120.14.

ConocoPhillips Trading Up 2.2%

NYSE:COP opened at $95.54 on Thursday. The company has a market cap of $119.33 billion, a PE ratio of 12.82, a P/E/G ratio of 2.46 and a beta of 0.69. The business's 50 day moving average is $94.64 and its two-hundred day moving average is $93.00. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business's revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.98 EPS. On average, analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips's payout ratio is 41.88%.

About ConocoPhillips

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.

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