PNC Financial Services Group Inc. Grows Stock Position in ConocoPhillips $COP

Key Points

• PNC Financial Services increased its ConocoPhillips stake by 1.9% in the first quarter, buying 22,457 more shares and bringing its holdings to 1,198,534 shares worth about $158.2 million.
• Several major institutional investors also adjusted positions in COP, and hedge funds and other institutions own 82.36% of the stock overall.
• ConocoPhillips beat first-quarter earnings estimates with EPS of $1.89 versus $1.72 expected, while revenue came in slightly above forecasts; analysts currently rate the stock a Moderate Buy with an average target price of $134.16.

PNC Financial Services Group Inc. boosted its holdings in ConocoPhillips (NYSE:COP - Free Report) by 1.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,198,534 shares of the energy producer's stock after acquiring an additional 22,457 shares during the period. PNC Financial Services Group Inc. owned 0.10% of ConocoPhillips worth $158,207,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in COP. Vanguard Group Inc. lifted its stake in shares of ConocoPhillips by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer's stock valued at $11,256,713,000 after purchasing an additional 408,304 shares during the last quarter. Capital International Investors increased its position in shares of ConocoPhillips by 5.9% during the 4th quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock worth $4,527,230,000 after purchasing an additional 2,714,663 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in ConocoPhillips by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer's stock valued at $3,880,151,000 after buying an additional 2,350,645 shares during the period. Franklin Resources Inc. raised its holdings in ConocoPhillips by 4.5% in the 4th quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer's stock valued at $1,407,770,000 after buying an additional 648,432 shares during the period. Finally, Fisher Asset Management LLC lifted its position in ConocoPhillips by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer's stock valued at $1,389,862,000 after buying an additional 193,401 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on COP. BMO Capital Markets dropped their price target on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Capital One Financial decreased their price objective on shares of ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating on the stock in a report on Monday, May 18th. Citigroup increased their price objective on shares of ConocoPhillips from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Raymond James Financial dropped their target price on shares of ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a report on Monday, June 1st. Finally, Susquehanna upped their price target on ConocoPhillips from $152.00 to $155.00 and gave the stock a "positive" rating in a research note on Tuesday. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $134.16.

ConocoPhillips Trading Up 1.2%

NYSE COP opened at $118.86 on Thursday. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The firm has a 50 day moving average of $113.51 and a two-hundred day moving average of $114.02. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $144.81 billion, a PE ratio of 20.18, a price-to-earnings-growth ratio of 1.42 and a beta of 0.12.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. The business had revenue of $15.76 billion for the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company's revenue was down 6.1% on a year-over-year basis. During the same period last year, the business earned $2.09 EPS. As a group, research analysts expect that ConocoPhillips will post 9.2 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. ConocoPhillips's dividend payout ratio (DPR) is currently 57.05%.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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