First Citizens Bank & Trust Co. Raises Holdings in ConocoPhillips $COP

Key Points

• First Citizens Bank & Trust Co. increased its holdings in ConocoPhillips by 24.8% during Q2, owning 113,328 shares worth approximately $10.17 million at the end of the reporting period.
• ConocoPhillips reported strong earnings for the quarter with an EPS of $1.42, exceeding analyst expectations, and a revenue of $14.94 billion, marking a 4.3% year-over-year increase.
• The company announced a quarterly dividend of $0.78 per share, translating to an annualized dividend of $3.12 and a yield of 3.5%.

First Citizens Bank & Trust Co. raised its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 24.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,328 shares of the energy producer's stock after acquiring an additional 22,495 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in ConocoPhillips were worth $10,170,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in COP. Financial Network Wealth Advisors LLC boosted its position in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new position in shares of ConocoPhillips in the 1st quarter worth approximately $31,000. Bogart Wealth LLC lifted its position in ConocoPhillips by 136.8% during the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer's stock valued at $28,000 after acquiring an additional 182 shares during the last quarter. Activest Wealth Management boosted its stake in ConocoPhillips by 249.5% in the second quarter. Activest Wealth Management now owns 325 shares of the energy producer's stock valued at $29,000 after acquiring an additional 232 shares in the last quarter. Finally, IMA Advisory Services Inc. purchased a new position in ConocoPhillips in the first quarter worth $37,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

NYSE:COP opened at $89.57 on Thursday. The stock has a market capitalization of $111.87 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 2.28 and a beta of 0.62. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The stock's 50-day moving average price is $93.58 and its 200-day moving average price is $91.85.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.98 EPS. As a group, equities analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is 41.88%.

Analyst Upgrades and Downgrades

COP has been the topic of a number of research reports. UBS Group reduced their price objective on ConocoPhillips from $124.00 to $122.00 and set a "buy" rating for the company in a research note on Monday, October 13th. Capital One Financial lifted their price objective on shares of ConocoPhillips from $111.00 to $112.00 in a research note on Friday, October 3rd. Royal Bank Of Canada upped their price objective on shares of ConocoPhillips from $113.00 to $118.00 and gave the company an "outperform" rating in a report on Monday, October 13th. Piper Sandler decreased their target price on shares of ConocoPhillips from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, October 13th. Finally, JPMorgan Chase & Co. lifted their price objective on ConocoPhillips from $114.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, October 9th. Eighteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.63.

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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