Wesbanco Bank Inc. Lowers Stock Holdings in ConocoPhillips $COP

Key Points

• Wesbanco Bank Inc. reduced its holdings in ConocoPhillips by 12.1%, ending with 112,046 shares worth approximately $10,055,000 after selling 15,420 shares in Q2.
• ConocoPhillips reported $1.42 EPS for the quarter, exceeding the consensus estimate, with a revenue increase of 4.3% year-over-year, totaling $14.94 billion.
• The company also declared a quarterly dividend of $0.78, reflecting a yield of 3.4% and a payout ratio of 41.88%.

Wesbanco Bank Inc. reduced its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 12.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,046 shares of the energy producer's stock after selling 15,420 shares during the quarter. Wesbanco Bank Inc.'s holdings in ConocoPhillips were worth $10,055,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock valued at $4,210,751,000 after acquiring an additional 31,736,423 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer's stock worth $3,319,746,000 after acquiring an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after buying an additional 2,080,625 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer's stock valued at $861,490,000 after purchasing an additional 1,073,906 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter worth approximately $658,981,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on COP shares. Roth Capital reaffirmed a "buy" rating on shares of ConocoPhillips in a research note on Wednesday, September 3rd. Mizuho decreased their target price on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating on the stock in a research note on Monday. Morgan Stanley restated an "overweight" rating and set a $123.00 price target (up previously from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Wall Street Zen downgraded ConocoPhillips from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Finally, Scotiabank increased their price objective on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $120.62.

ConocoPhillips Price Performance

ConocoPhillips stock traded down $1.98 during mid-day trading on Friday, hitting $91.51. 3,593,382 shares of the company were exchanged, compared to its average volume of 7,874,186. 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 business's 50 day simple moving average is $94.66 and its two-hundred day simple moving average is $92.90. The company has a market capitalization of $114.28 billion, a P/E ratio of 12.28, a PEG ratio of 2.47 and a beta of 0.69. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. The company had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.98 earnings per share. Analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. ConocoPhillips's payout ratio is currently 41.88%.

ConocoPhillips 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.