Eastern Bank Has $7.50 Million Stake in ConocoPhillips $COP

Eastern Bank lowered its stake in shares of ConocoPhillips (NYSE:COP) by 43.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,295 shares of the energy producer’s stock after selling 60,851 shares during the period. Eastern Bank’s holdings in ConocoPhillips were worth $7,501,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of COP. Primecap Management Co. CA grew its holdings in ConocoPhillips by 66.0% during the second quarter. Primecap Management Co. CA now owns 7,883,455 shares of the energy producer’s stock valued at $707,461,000 after purchasing an additional 3,135,315 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of ConocoPhillips by 31.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock valued at $966,267,000 after buying an additional 2,575,803 shares during the period. Assenagon Asset Management S.A. increased its position in shares of ConocoPhillips by 145.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,933,286 shares of the energy producer’s stock valued at $263,233,000 after buying an additional 1,740,009 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of ConocoPhillips by 6,156.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,508,169 shares of the energy producer’s stock valued at $135,343,000 after buying an additional 1,484,062 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in ConocoPhillips by 146.6% during the 2nd quarter. First Trust Advisors LP now owns 2,315,757 shares of the energy producer’s stock worth $207,816,000 after buying an additional 1,376,509 shares during the period. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on COP. Mizuho boosted their target price on ConocoPhillips from $120.00 to $121.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Capital One Financial boosted their price objective on ConocoPhillips from $111.00 to $112.00 in a research report on Friday, October 3rd. UBS Group increased their target price on ConocoPhillips from $117.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. cut their price target on shares of ConocoPhillips from $102.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Susquehanna reduced their price target on shares of ConocoPhillips to $113.00 and set a “positive” rating for the company in a report on Monday, October 20th. Eighteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.76.

ConocoPhillips Stock Up 1.0%

Shares of ConocoPhillips stock opened at $96.43 on Wednesday. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $106.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32. The business’s 50 day simple moving average is $91.91 and its 200 day simple moving average is $92.75. The firm has a market cap of $119.16 billion, a PE ratio of 13.64, a P/E/G ratio of 2.59 and a beta of 0.32.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. The company had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the business earned $1.78 EPS. On average, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.5%. The ex-dividend date was Monday, November 17th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio (DPR) is presently 47.52%.

Insider Activity

In related news, CEO Ryan Michael Lance sold 500,708 shares of ConocoPhillips stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $92.50, for a total value of $46,315,490.00. Following the sale, the chief executive officer owned 325,972 shares of the company’s stock, valued at approximately $30,152,410. The trade was a 60.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Mcraven purchased 5,768 shares of ConocoPhillips stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $86.68 per share, with a total value of $499,970.24. Following the completion of the transaction, the director directly owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.24% of the company’s stock.

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.