Grove Bank & Trust Has $1.24 Million Stock Holdings in ConocoPhillips $COP

Key Points

• Grove Bank & Trust reduced its stake in ConocoPhillips by 33.8%, selling 7,012 shares and now holding 13,762 shares valued at approximately $1,235,000.
• Multiple hedge funds have increased their investments in ConocoPhillips, with YHB Investment Advisors growing their holdings by 4.0% and Atticus Wealth Management significantly boosting theirs by 266.0%.
• ConocoPhillips recently posted strong earnings of $1.42 per share, exceeding expectations, and announced a quarterly dividend of $0.78 per share.

Grove Bank & Trust cut its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 33.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,762 shares of the energy producer's stock after selling 7,012 shares during the quarter. Grove Bank & Trust's holdings in ConocoPhillips were worth $1,235,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of COP. 10Elms LLP purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $28,000. Financial Network Wealth Advisors LLC grew its position in shares of ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC acquired a new position in shares of ConocoPhillips in the 1st quarter worth approximately $31,000. Garde Capital Inc. acquired a new position in shares of ConocoPhillips in the 1st quarter worth approximately $35,000. Finally, IMA Advisory Services Inc. acquired a new position in shares of ConocoPhillips in the 1st quarter worth approximately $37,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on COP. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. Wells Fargo & Company restated an "overweight" rating and set a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Citigroup reduced their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. BMO Capital Markets boosted their price objective on ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Mizuho reduced their price objective on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips Stock Performance

ConocoPhillips stock traded up $2.30 during mid-day trading on Tuesday, hitting $94.31. 3,017,689 shares of the company's stock traded hands, compared to its average volume of 7,899,753. The firm has a 50 day moving average price of $94.55 and a 200 day moving average price of $92.98. 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 company has a market cap of $117.78 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 2.42 and a beta of 0.69. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08.

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

ConocoPhillips Dividend Announcement

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