Mechanics Bank Trust Department Acquires 571 Shares of ConocoPhillips (NYSE:COP)

Mechanics Bank Trust Department grew its holdings in shares of ConocoPhillips (NYSE:COP) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,171 shares of the energy producer’s stock after acquiring an additional 571 shares during the quarter. Mechanics Bank Trust Department’s holdings in ConocoPhillips were worth $1,735,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Curated Wealth Partners LLC lifted its stake in ConocoPhillips by 200.8% during the second quarter. Curated Wealth Partners LLC now owns 11,425 shares of the energy producer’s stock worth $1,307,000 after purchasing an additional 22,759 shares during the last quarter. Baugh & Associates LLC lifted its position in ConocoPhillips by 32.8% in the 2nd quarter. Baugh & Associates LLC now owns 41,814 shares of the energy producer’s stock worth $5,053,000 after buying an additional 10,321 shares during the last quarter. Cypress Wealth Services LLC boosted its stake in ConocoPhillips by 42.0% in the second quarter. Cypress Wealth Services LLC now owns 2,530 shares of the energy producer’s stock worth $289,000 after buying an additional 748 shares in the last quarter. Atlas Private Wealth Advisors grew its position in ConocoPhillips by 87.3% during the second quarter. Atlas Private Wealth Advisors now owns 3,790 shares of the energy producer’s stock valued at $433,000 after acquiring an additional 1,766 shares during the last quarter. Finally, Sendero Wealth Management LLC raised its stake in shares of ConocoPhillips by 12.5% during the second quarter. Sendero Wealth Management LLC now owns 74,365 shares of the energy producer’s stock worth $8,506,000 after acquiring an additional 8,289 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COP. Bank of America reaffirmed a “buy” rating and issued a $147.00 price objective on shares of ConocoPhillips in a research note on Friday, June 14th. Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Sanford C. Bernstein lowered their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Scotiabank cut their price target on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Finally, StockNews.com downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.53.

ConocoPhillips Stock Up 0.3 %

ConocoPhillips stock traded up $0.34 on Friday, hitting $108.61. 5,776,222 shares of the stock traded hands, compared to its average volume of 6,318,985. The business’s fifty day simple moving average is $111.81 and its 200 day simple moving average is $117.12. The firm has a market cap of $126.12 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 2.10 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 1 year low of $102.27 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. The company had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. ConocoPhillips’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the company posted $1.84 EPS. As a group, sell-side analysts forecast that ConocoPhillips will post 8.67 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.14%. ConocoPhillips’s payout ratio is currently 26.27%.

ConocoPhillips Company 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.