Washington Trust Bank Lowers Stake in ConocoPhillips (NYSE:COP)

Washington Trust Bank lowered its stake in shares of ConocoPhillips (NYSE:COP) by 3.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 62,274 shares of the energy producer’s stock after selling 1,900 shares during the period. Washington Trust Bank’s holdings in ConocoPhillips were worth $6,176,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wayfinding Financial LLC acquired a new stake in ConocoPhillips during the 4th quarter worth approximately $282,000. TD Private Client Wealth LLC lifted its holdings in ConocoPhillips by 12.5% during the 4th quarter. TD Private Client Wealth LLC now owns 21,692 shares of the energy producer’s stock worth $2,151,000 after buying an additional 2,418 shares in the last quarter. Lee Danner & Bass Inc. lifted its holdings in ConocoPhillips by 9.8% during the 4th quarter. Lee Danner & Bass Inc. now owns 6,289 shares of the energy producer’s stock worth $624,000 after buying an additional 563 shares in the last quarter. HUB Investment Partners LLC lifted its holdings in ConocoPhillips by 23.1% during the 4th quarter. HUB Investment Partners LLC now owns 32,774 shares of the energy producer’s stock worth $3,250,000 after buying an additional 6,156 shares in the last quarter. Finally, Whittier Trust Co. lifted its holdings in ConocoPhillips by 1.7% during the 4th quarter. Whittier Trust Co. now owns 20,433 shares of the energy producer’s stock worth $2,026,000 after buying an additional 340 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 0.3 %

NYSE COP opened at $102.05 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The firm’s fifty day moving average price is $99.21 and its 200 day moving average price is $103.45. The company has a market capitalization of $129.84 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 0.79 and a beta of 1.12. ConocoPhillips has a 12 month low of $86.81 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, sell-side analysts expect 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 Monday, March 3rd. Shareholders of record on Monday, February 17th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s payout ratio is currently 40.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Truist Financial increased their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Raymond James lowered shares of ConocoPhillips from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $157.00 to $124.00 in a report on Monday, February 10th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company reduced their price objective on shares of ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $133.05.

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.