Eastern Bank Sells 33,413 Shares of ConocoPhillips $COP

Key Points

• Eastern Bank reduced its stake in ConocoPhillips by 19.3%, selling 33,413 shares during the second quarter, resulting in holdings now worth approximately $12.58 million.
• Several institutional investors, including Charles Schwab and Goldman Sachs, significantly increased their holdings in ConocoPhillips, indicating strong interest in the stock.
• ConocoPhillips reported a quarterly earnings of $1.42 per share, exceeding expectations, with an annualized dividend yield of 3.6% following a recent dividend payment.

Eastern Bank reduced its position in ConocoPhillips (NYSE:COP - Free Report) by 19.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,146 shares of the energy producer's stock after selling 33,413 shares during the quarter. Eastern Bank's holdings in ConocoPhillips were worth $12,577,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in COP. Charles Schwab Investment Management Inc. raised its holdings in shares of ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock valued at $4,210,751,000 after acquiring an additional 31,736,423 shares in the last quarter. Nuveen LLC bought a new position in ConocoPhillips in the first quarter worth about $658,981,000. AQR Capital Management LLC raised its holdings in ConocoPhillips by 190.5% in the first quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock worth $484,539,000 after purchasing an additional 3,058,505 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after purchasing an additional 2,080,625 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in ConocoPhillips by 53.8% in the first quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer's stock worth $550,334,000 after purchasing an additional 1,834,118 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

COP has been the subject of a number of recent research reports. Melius initiated coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. BMO Capital Markets boosted their target price on shares of ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Evercore ISI reduced their target price on shares of ConocoPhillips from $115.00 to $111.00 and set an "outperform" rating for the company in a report on Monday, October 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of ConocoPhillips in a report on Wednesday. Finally, Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $117.23.

ConocoPhillips Price Performance

Shares of COP stock opened at $87.83 on Friday. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38. The firm has a market capitalization of $109.70 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 2.44 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The stock's 50-day simple moving average is $94.60 and its 200-day simple moving average is $92.59.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates 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 company's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.98 earnings per share. As a group, equities analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given a $0.78 dividend. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.6%. ConocoPhillips's dividend payout ratio is currently 41.88%.

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.

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