ConocoPhillips $COP Shares Sold by Glenmede Trust Co. NA

Key Points

• Glenmede Trust Co. NA reduced its ConocoPhillips stake by 6.5% in the first quarter, selling 17,801 shares and retaining 257,582 shares valued at approximately $34 million.
• ConocoPhillips reported quarterly EPS of $1.89, exceeding estimates of $1.72, while revenue fell 6.1% year over year to $15.76 billion. Institutional investors and hedge funds own 82.36% of the company.
• Analyst sentiment remains positive, with 18 Buy ratings, nine Holds and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $134.16, above its reported price of $120.57.

Glenmede Trust Co. NA cut its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 6.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 257,582 shares of the energy producer's stock after selling 17,801 shares during the quarter. Glenmede Trust Co. NA's holdings in ConocoPhillips were worth $34,001,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in COP. Frazier Financial Advisors LLC boosted its position in shares of ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in ConocoPhillips in the fourth quarter valued at approximately $25,000. Evergreen Advisors LLC acquired a new position in ConocoPhillips during the first quarter worth approximately $36,000. Strive Asset Management LLC acquired a new position in ConocoPhillips during the third quarter worth approximately $28,000. Finally, Avalon Trust Co purchased a new position in ConocoPhillips during the first quarter worth approximately $40,000. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $120.57 on Friday. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.87. The firm has a fifty day moving average of $112.98 and a 200-day moving average of $114.93. The firm has a market capitalization of $146.89 billion, a P/E ratio of 20.47, a PEG ratio of 1.45 and a beta of 0.12. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS 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 business had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. During the same quarter last year, the firm posted $2.09 EPS. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, analysts predict that ConocoPhillips will post 9.2 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of ConocoPhillips from $154.00 to $157.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. BMO Capital Markets dropped their price objective on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Raymond James Financial cut their target price on ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating on the stock in a research report on Monday, June 1st. Jefferies Financial Group lifted their target price on ConocoPhillips from $160.00 to $161.00 and gave the company a "buy" rating in a report on Monday, May 18th. Finally, Mizuho lowered their price target on ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a research report on Tuesday, July 7th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $134.16.

ConocoPhillips Profile

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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