Park National Corp OH Sells 11,362 Shares of ConocoPhillips $COP

Key Points

• Park National Corp OH reduced its stake in ConocoPhillips by 7.6%, selling 11,362 shares, which left it with 138,012 shares valued at approximately $12.4 million.
• ConocoPhillips recently reported a quarterly earnings per share of $1.42, exceeding analysts' expectations, and announced a dividend of $0.78 per share with a 3.4% yield.
• Analysts maintain a predominately positive outlook on ConocoPhillips, with 16 Buy ratings and an average price target of $120.86.

Park National Corp OH cut its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 7.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 138,012 shares of the energy producer's stock after selling 11,362 shares during the period. Park National Corp OH's holdings in ConocoPhillips were worth $12,385,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Triumph Capital Management grew its holdings in shares of ConocoPhillips by 6.7% during the fourth quarter. Triumph Capital Management now owns 2,364 shares of the energy producer's stock worth $234,000 after purchasing an additional 149 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ConocoPhillips by 22.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 164,252 shares of the energy producer's stock worth $16,287,000 after purchasing an additional 29,989 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of ConocoPhillips by 20.9% during the fourth quarter. ProShare Advisors LLC now owns 240,246 shares of the energy producer's stock worth $23,825,000 after purchasing an additional 41,604 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of ConocoPhillips during the fourth quarter worth about $413,000. Finally, Rafferty Asset Management LLC grew its holdings in shares of ConocoPhillips by 11.6% during the fourth quarter. Rafferty Asset Management LLC now owns 335,255 shares of the energy producer's stock worth $33,247,000 after purchasing an additional 34,833 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley reissued an "overweight" rating and set a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Melius Research started coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 price objective for the company. Roth Capital reaffirmed a "buy" rating on shares of ConocoPhillips in a research note on Wednesday, September 3rd. Melius started coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $120.86.

Insider Buying and Selling at ConocoPhillips

In related news, EVP Kirk L. Johnson acquired 5,300 shares of the company's stock in a transaction dated Monday, June 16th. The stock was purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the purchase, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.24% of the company's stock.

ConocoPhillips Stock Down 1.6%

Shares of COP opened at $92.60 on Friday. The firm has a market cap of $115.65 billion, a P/E ratio of 12.43, a P/E/G ratio of 2.48 and a beta of 0.69. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a 50 day simple moving average of $94.75 and a two-hundred day simple moving average of $92.98.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The firm had revenue of $14.94 billion during 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 quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.98 earnings per share. On average, analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend 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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