Patten & Patten Inc. TN Sells 2,729 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Patten & Patten Inc. TN reduced its stake in ConocoPhillips by 1.4%, now holding 192,972 shares valued at approximately $20.27 million, making it the firm's 18th largest holding.
• ConocoPhillips reported earnings of $2.09 per share, exceeding analyst expectations, with total revenue of $16.18 billion for the quarter.
• The energy company declared a quarterly dividend of $0.78 per share, reflecting a 3.29% dividend yield and a payout ratio of 39.64%.

Patten & Patten Inc. TN lessened its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 1.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 192,972 shares of the energy producer's stock after selling 2,729 shares during the quarter. ConocoPhillips comprises about 1.4% of Patten & Patten Inc. TN's investment portfolio, making the stock its 18th biggest position. Patten & Patten Inc. TN's holdings in ConocoPhillips were worth $20,266,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of COP. Price T Rowe Associates Inc. MD grew its holdings in ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after buying an additional 5,549,078 shares during the last quarter. Invesco Ltd. lifted its stake in shares of ConocoPhillips by 37.1% during the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock worth $1,544,101,000 after purchasing an additional 4,211,939 shares during the period. Geode Capital Management LLC lifted its stake in shares of ConocoPhillips by 13.7% during the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock worth $2,792,521,000 after purchasing an additional 3,397,360 shares during the period. Northern Trust Corp lifted its stake in shares of ConocoPhillips by 27.6% during the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock worth $1,364,364,000 after purchasing an additional 2,971,661 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of ConocoPhillips by 10,440.1% during the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after purchasing an additional 2,936,066 shares during the period. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Price Performance

ConocoPhillips stock traded down $0.94 during mid-day trading on Thursday, hitting $95.73. The company's stock had a trading volume of 2,657,958 shares, compared to its average volume of 8,164,366. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $121.02 billion, a P/E ratio of 12.16, a P/E/G ratio of 2.55 and a beta of 0.61. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The stock's fifty day moving average price is $91.64 and its two-hundred day moving average price is $94.29.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The firm had revenue of $16.18 billion for the quarter, compared to analysts' expectations of $15.74 billion. During the same period in the previous year, the company posted $2.05 EPS. Research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips's payout ratio is 39.64%.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on COP. Raymond James Financial increased their price target on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Susquehanna reduced their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Scotiabank increased their price target on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Finally, Bank of America reduced their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $121.33.

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.