First Interstate Bank Has $296,000 Stock Position in ConocoPhillips (NYSE:COP)

02 Nov 2024, 17:36 by Mitch Edgeman · The Markets Daily

First Interstate Bank boosted its stake in ConocoPhillips (NYSE:COP – Free Report) by 12.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,815 shares of the energy producer’s stock after acquiring an additional 309 shares during the period. First Interstate Bank’s holdings in ConocoPhillips were worth $296,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in COP. Manchester Capital Management LLC raised its stake in ConocoPhillips by 22.1% during the first quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock worth $60,000 after buying an additional 86 shares during the last quarter. Vicus Capital lifted its stake in shares of ConocoPhillips by 3.7% in the 2nd quarter. Vicus Capital now owns 2,637 shares of the energy producer’s stock valued at $302,000 after purchasing an additional 94 shares during the period. Montag A & Associates Inc. boosted its position in shares of ConocoPhillips by 2.5% during the 2nd quarter. Montag A & Associates Inc. now owns 3,900 shares of the energy producer’s stock valued at $446,000 after purchasing an additional 96 shares in the last quarter. Excalibur Management Corp grew its stake in ConocoPhillips by 2.4% during the second quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer’s stock worth $462,000 after purchasing an additional 96 shares during the period. Finally, First Hawaiian Bank increased its holdings in ConocoPhillips by 0.3% in the second quarter. First Hawaiian Bank now owns 36,739 shares of the energy producer’s stock worth $4,202,000 after purchasing an additional 97 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Buying and Selling

In related news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by insiders.

ConocoPhillips Stock Performance

Shares of COP stock traded down $1.70 during trading on Friday, hitting $107.84. The company’s stock had a trading volume of 7,428,060 shares, compared to its average volume of 5,908,149. The business has a fifty day moving average of $107.94 and a 200-day moving average of $113.02. The company has a market cap of $125.23 billion, a PE ratio of 12.02, a P/E/G ratio of 0.84 and a beta of 1.21. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP – Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.16 EPS. As a group, research analysts anticipate that ConocoPhillips will post 7.76 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be given a dividend of $0.78 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio is currently 25.86%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on COP. Scotiabank cut their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. UBS Group cut their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. Truist Financial cut their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $137.47.

Check Out Our Latest Stock Report on COP

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.