Arden Trust Co Has $423,000 Stock Position in ConocoPhillips (NYSE:COP)

Arden Trust Co reduced its stake in shares of ConocoPhillips (NYSE:COP) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,698 shares of the energy producer’s stock after selling 411 shares during the quarter. Arden Trust Co’s holdings in ConocoPhillips were worth $423,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Sachetta LLC acquired a new position in shares of ConocoPhillips during the 4th quarter worth about $27,000. Cooksen Wealth LLC acquired a new position in shares of ConocoPhillips during the 4th quarter worth about $27,000. Cape Investment Advisory Inc. grew its position in shares of ConocoPhillips by 96.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after buying an additional 121 shares during the period. Richardson Capital Management LLC acquired a new position in shares of ConocoPhillips during the 1st quarter worth about $31,000. Finally, Northwest Bank & Trust Co acquired a new position in shares of ConocoPhillips during the 4th quarter worth about $32,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on COP shares. Barclays boosted their target price on ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Wolfe Research initiated coverage on ConocoPhillips in a report on Thursday, July 18th. They set an “outperform” rating and a $145.00 price objective on the stock. Raymond James reiterated a “strong-buy” rating and set a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Susquehanna lifted their price objective on ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Finally, Royal Bank of Canada lifted their price objective on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, May 15th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $143.53.

ConocoPhillips Stock Up 1.1 %

NYSE COP traded up $1.14 during trading on Wednesday, hitting $106.94. The stock had a trading volume of 7,734,816 shares, compared to its average volume of 5,714,311. ConocoPhillips has a 12 month low of $102.27 and a 12 month high of $135.18. The company has a market capitalization of $125.07 billion, a PE ratio of 12.11, a P/E/G ratio of 2.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.21 and a current ratio of 1.33. The company’s 50-day moving average price is $112.24 and its two-hundred day moving average price is $117.13.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. The business had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.84 earnings per share. As a group, sell-side analysts forecast that ConocoPhillips will post 8.73 EPS for the current year.

ConocoPhillips Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th will be paid a dividend of $0.58 per share. The ex-dividend date is Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.17%. ConocoPhillips’s dividend payout ratio is currently 26.27%.

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.