Canandaigua National Bank & Trust Co. Sells 762 Shares of ConocoPhillips $COP

by · The Cerbat Gem

Canandaigua National Bank & Trust Co. lessened its position in ConocoPhillips (NYSE:COP – Free Report) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,899 shares of the energy producer’s stock after selling 762 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in ConocoPhillips were worth $2,504,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in COP. Charles Schwab Investment Management Inc. lifted its holdings in shares of ConocoPhillips by 379.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Nuveen LLC bought a new stake in shares of ConocoPhillips in the 1st quarter worth about $658,981,000. AQR Capital Management LLC lifted its holdings in shares of ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock worth $484,539,000 after acquiring an additional 3,058,505 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of ConocoPhillips by 10,440.1% in the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer’s stock worth $311,299,000 after acquiring an additional 2,936,066 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after acquiring an additional 2,080,625 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

COP has been the subject of several analyst reports. Melius Research started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price for the company. Scotiabank upped their target price on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Roth Capital restated a “buy” rating on shares of ConocoPhillips in a research note on Wednesday, September 3rd. Bank of America dropped their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, May 23rd. Finally, Wall Street Zen downgraded shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Friday, August 22nd. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $120.86.

Get Our Latest Report on COP

ConocoPhillips Stock Down 1.6%

Shares of ConocoPhillips stock opened at $92.60 on Monday. The firm’s 50 day moving average price is $94.75 and its 200-day moving average price is $92.92. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The company has a market cap of $115.65 billion, a P/E ratio of 12.43, a PEG ratio of 2.43 and a beta of 0.69.

ConocoPhillips (NYSE:COP – Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter in the previous year, the firm earned $1.98 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. ConocoPhillips’s payout ratio is presently 41.88%.

About ConocoPhillips

(Free Report)

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.

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