Bangor Savings Bank Reduces Stock Position in ConocoPhillips (NYSE:COP)

Bangor Savings Bank decreased its holdings in ConocoPhillips (NYSE:COP) by 13.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,467 shares of the energy producer’s stock after selling 393 shares during the period. Bangor Savings Bank’s holdings in ConocoPhillips were worth $256,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealthspan Partners LLC grew its stake in shares of ConocoPhillips by 1.6% in the 4th quarter. Wealthspan Partners LLC now owns 6,245 shares of the energy producer’s stock valued at $737,000 after purchasing an additional 98 shares during the last quarter. Horan Securities Inc. increased its stake in ConocoPhillips by 40.2% in the 1st quarter. Horan Securities Inc. now owns 349 shares of the energy producer’s stock valued at $35,000 after buying an additional 100 shares during the period. Barden Capital Management Inc. boosted its holdings in shares of ConocoPhillips by 1.0% in the first quarter. Barden Capital Management Inc. now owns 10,562 shares of the energy producer’s stock valued at $1,048,000 after acquiring an additional 100 shares in the last quarter. Holderness Investments Co. increased its stake in shares of ConocoPhillips by 1.5% during the first quarter. Holderness Investments Co. now owns 6,882 shares of the energy producer’s stock worth $683,000 after acquiring an additional 101 shares during the period. Finally, LCM Capital Management Inc lifted its position in ConocoPhillips by 5.3% in the first quarter. LCM Capital Management Inc now owns 2,036 shares of the energy producer’s stock valued at $202,000 after purchasing an additional 103 shares during the period. 80.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on COP. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 target price on shares of ConocoPhillips in a research note on Monday, August 14th. Erste Group Bank raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Mizuho raised their price objective on shares of ConocoPhillips from $127.00 to $135.00 and gave the company a “neutral” rating in a research note on Wednesday, August 16th. Wolfe Research upgraded shares of ConocoPhillips from a “peer perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a research report on Friday, July 7th. Finally, StockNews.com initiated coverage on shares of ConocoPhillips in a research report on Thursday, August 17th. They set a “hold” rating for the company. Five analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $134.42.

ConocoPhillips Price Performance

NYSE:COP opened at $123.54 on Friday. The firm has a market cap of $147.94 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 0.78 and a beta of 1.30. ConocoPhillips has a 12-month low of $91.53 and a 12-month high of $138.49. The company has a current ratio of 1.41, a quick ratio of 1.28 and a debt-to-equity ratio of 0.33. The company’s 50-day moving average is $115.81 and its two-hundred day moving average is $107.09.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 3rd. The energy producer reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.10). The firm had revenue of $12.88 billion for the quarter, compared to analyst estimates of $14.64 billion. ConocoPhillips had a return on equity of 27.27% and a net margin of 18.66%. During the same quarter last year, the business posted $3.91 EPS. Research analysts expect that ConocoPhillips will post 8.74 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Wednesday, August 16th were paid a $0.51 dividend. The ex-dividend date of this dividend was Wednesday, September 27th. This represents a $2.04 annualized dividend and a yield of 1.65%. ConocoPhillips’s payout ratio is currently 19.65%.

Insider Buying and Selling

In other ConocoPhillips news, CEO Ryan Michael Lance sold 569,400 shares of ConocoPhillips stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $122.14, for a total value of $69,546,516.00. Following the completion of the sale, the chief executive officer now owns 18,187 shares in the company, valued at approximately $2,221,360.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.37% of the stock is currently owned by company insiders.

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 and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.