Truist Financial Corp Lowers Position in ConocoPhillips $COP

Key Points

• Truist Financial Corp has reduced its stake in ConocoPhillips by 2.6%, now owning 574,711 shares valued at approximately $51.58 million.
• ConocoPhillips reported earnings of $1.42 per share for the last quarter, exceeding analyst expectations of $1.36, and its revenue was up 4.3% year-over-year.
• The company declared a quarterly dividend of $0.78 per share, translating to an annualized yield of 3.3% with a payout ratio of 41.88%.

Truist Financial Corp lessened its stake in ConocoPhillips (NYSE:COP - Free Report) by 2.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 574,711 shares of the energy producer's stock after selling 15,056 shares during the quarter. Truist Financial Corp's holdings in ConocoPhillips were worth $51,575,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Financial Network Wealth Advisors LLC lifted its holdings in shares of ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after buying an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new position in shares of ConocoPhillips in the first quarter worth $31,000. Garde Capital Inc. purchased a new position in shares of ConocoPhillips in the first quarter worth $35,000. IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips in the first quarter worth $37,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of ConocoPhillips by 418.6% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock worth $38,000 after buying an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Up 0.8%

COP stock opened at $95.39 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The stock has a market capitalization of $119.13 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 2.49 and a beta of 0.62. The firm's fifty day simple moving average is $94.98 and its two-hundred day simple moving average is $93.00.

ConocoPhillips (NYSE:COP - Get Free Report) last posted 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. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter in the previous year, the business posted $1.98 earnings per share. The business's revenue was up 4.3% compared to the same quarter last year. As a group, analysts anticipate 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 Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. ConocoPhillips's payout ratio is 41.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company restated an "overweight" rating and issued a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Roth Capital restated a "buy" rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. Piper Sandler boosted their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. UBS Group boosted their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Melius assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price target on the stock. Sixteen 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 currently has an average rating of "Moderate Buy" and an average price target of $120.14.

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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