Commerce Bank Sells 48,836 Shares of ConocoPhillips (NYSE:COP)

Commerce Bank lessened its stake in shares of ConocoPhillips (NYSE:COP) by 9.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 448,735 shares of the energy producer’s stock after selling 48,836 shares during the period. Commerce Bank’s holdings in ConocoPhillips were worth $47,243,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of COP. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips in the 3rd quarter worth $26,000. Stephens Consulting LLC increased its holdings in shares of ConocoPhillips by 69.3% in the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares in the last quarter. Reston Wealth Management LLC bought a new stake in shares of ConocoPhillips in the 3rd quarter worth $31,000. Y.D. More Investments Ltd bought a new stake in shares of ConocoPhillips in the 2nd quarter worth $35,000. Finally, Fairway Wealth LLC increased its holdings in shares of ConocoPhillips by 95.6% in the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after purchasing an additional 153 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 0.6 %

Shares of COP stock opened at $113.09 on Wednesday. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock’s 50-day moving average price is $108.35 and its 200-day moving average price is $111.47. The stock has a market capitalization of $130.16 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same period in the previous year, the firm posted $2.16 earnings per share. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities research analysts predict that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, November 8th. ConocoPhillips’s payout ratio is presently 37.10%.

Analyst Upgrades and Downgrades

COP has been the topic of a number of research reports. UBS Group dropped their price target on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Susquehanna raised their price target on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Finally, Truist Financial lowered their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average target price of $137.63.

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.