PNC Financial Services Group Inc. Buys 8,818 Shares of ConocoPhillips (NYSE:COP)

Key Points

• PNC Financial Services Group Inc. increased its stake in ConocoPhillips by 0.7%, purchasing an additional 8,818 shares, bringing its total ownership to 1,328,032 shares valued at approximately $139.47 million.
• Multiple institutional investors have also significantly increased their holdings in ConocoPhillips, with Price T Rowe Associates growing its position by 13.8% to nearly 46 million shares, valued at over $4.54 billion.
• ConocoPhillips declared a quarterly dividend of $0.78 per share, which translates to an annualized dividend of $3.12 and a yield of 3.4%.

PNC Financial Services Group Inc. lifted its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,328,032 shares of the energy producer's stock after buying an additional 8,818 shares during the period. PNC Financial Services Group Inc. owned about 0.11% of ConocoPhillips worth $139,470,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 13.8% during the fourth 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 acquiring an additional 5,549,078 shares during the last quarter. Invesco Ltd. boosted its position in ConocoPhillips by 37.1% in the fourth 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 last quarter. Northern Trust Corp grew its stake in ConocoPhillips by 27.6% in the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares during the period. GAMMA Investing LLC increased its position 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 valued at $311,299,000 after purchasing an additional 2,936,066 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of ConocoPhillips by 116.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 4,318,179 shares of the energy producer's stock valued at $428,234,000 after purchasing an additional 2,324,080 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson acquired 5,300 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average price 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 $1,369,024.48. The trade was a 57.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.24% of the company's stock.

ConocoPhillips Trading Down 2.7%

Shares of COP stock opened at $92.75 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $117.25 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The stock's 50-day moving average price is $91.97 and its 200-day moving average price is $94.07.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. The business had revenue of $16.18 billion during the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. During the same quarter last year, the business earned $2.05 earnings per share. Equities research analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, May 19th. ConocoPhillips's dividend payout ratio is presently 39.64%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. UBS Group boosted their price target on shares of ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Raymond James Financial boosted their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Citigroup decreased their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Piper Sandler reaffirmed an "overweight" rating and issued a $123.00 price target (up previously from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Finally, Barclays reduced their price objective on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.

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