Raymond James Trust N.A. Trims Stock Position in ConocoPhillips (NYSE:COP)

Raymond James Trust N.A. lowered its position in ConocoPhillips (NYSE:COP) by 5.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,196 shares of the energy producer’s stock after selling 3,110 shares during the quarter. Raymond James Trust N.A.’s holdings in ConocoPhillips were worth $5,970,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of COP. Wedgewood Investors Inc. PA purchased a new position in ConocoPhillips in the 2nd quarter valued at $741,000. AMG National Trust Bank boosted its holdings in ConocoPhillips by 24.4% in the 2nd quarter. AMG National Trust Bank now owns 10,162 shares of the energy producer’s stock valued at $1,162,000 after purchasing an additional 1,990 shares in the last quarter. Independence Bank of Kentucky increased its position in ConocoPhillips by 38.8% during the 2nd quarter. Independence Bank of Kentucky now owns 6,470 shares of the energy producer’s stock worth $740,000 after purchasing an additional 1,808 shares during the period. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of ConocoPhillips by 3.3% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 6,065 shares of the energy producer’s stock worth $694,000 after buying an additional 193 shares in the last quarter. Finally, Spirit of America Management Corp NY lifted its holdings in shares of ConocoPhillips by 22.3% in the 2nd quarter. Spirit of America Management Corp NY now owns 28,000 shares of the energy producer’s stock valued at $3,203,000 after buying an additional 5,100 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Trading Up 2.8 %

Shares of NYSE:COP traded up $3.09 during trading on Monday, reaching $114.49. 542,610 shares of the stock were exchanged, compared to its average volume of 5,644,288. ConocoPhillips has a 12-month low of $102.27 and a 12-month high of $135.18. The firm’s 50-day moving average price is $111.42 and its 200 day moving average price is $117.01. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The firm has a market cap of $133.90 billion, a price-to-earnings ratio of 12.62, a price-to-earnings-growth ratio of 2.22 and a beta of 1.24.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company had revenue of $14.14 billion during the quarter, compared to analyst estimates of $14.96 billion. During the same quarter in the prior year, the business earned $1.84 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, sell-side analysts anticipate that ConocoPhillips will post 8.64 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

Insiders Place Their Bets

In related news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on COP. Truist Financial dropped their price objective on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Argus raised shares of ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. UBS Group boosted their price objective on shares of ConocoPhillips from $151.00 to $153.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Sanford C. Bernstein decreased their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $159.00 price objective (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.65.

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.