Mechanics Bank Trust Department Has $1.74 Million Stock Holdings in ConocoPhillips (NYSE:COP)

Mechanics Bank Trust Department grew its stake in ConocoPhillips (NYSE:COP) by 3.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,171 shares of the energy producer’s stock after purchasing 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 reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in COP. Price T Rowe Associates Inc. MD boosted its holdings in ConocoPhillips by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after buying an additional 8,479,963 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in ConocoPhillips by 0.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 27,672,104 shares of the energy producer’s stock valued at $3,211,901,000 after purchasing an additional 108,956 shares during the period. Capital International Investors increased its stake in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after purchasing an additional 1,856,085 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in ConocoPhillips by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock worth $1,907,542,000 after purchasing an additional 826,529 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of ConocoPhillips by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 12,011,035 shares of the energy producer’s stock worth $1,394,162,000 after purchasing an additional 270,859 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on COP. Piper Sandler boosted their target price on ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Susquehanna increased their target price on ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Truist Financial cut their price target on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Royal Bank of Canada increased their price objective on shares of ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 15th. Finally, Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.53.

ConocoPhillips Stock Performance

NYSE COP traded up $0.34 on Friday, hitting $108.61. 5,776,222 shares of the stock were exchanged, compared to its average volume of 6,318,985. The company has a market capitalization of $126.12 billion, a PE ratio of 12.30, a P/E/G ratio of 2.10 and a beta of 1.24. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The business’s fifty day moving average is $111.81 and its 200 day moving average is $117.12. ConocoPhillips has a 52 week low of $102.27 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its 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. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the firm earned $1.84 EPS. ConocoPhillips’s quarterly revenue was up 9.7% compared to the same quarter last year. Research analysts anticipate that ConocoPhillips will post 8.67 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Monday, August 12th. ConocoPhillips’s dividend 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.