PNC Financial Services Group Inc. Reduces Position in ConocoPhillips (NYSE:COP)

PNC Financial Services Group Inc. reduced its position in ConocoPhillips (NYSE:COP) by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,979,821 shares of the energy producer’s stock after selling 36,342 shares during the quarter. PNC Financial Services Group Inc. owned about 0.26% of ConocoPhillips worth $198,875,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in COP. Lenox Wealth Advisors LLC acquired a new stake in ConocoPhillips during the 1st quarter worth approximately $27,000. Smart Portfolios LLC lifted its position in shares of ConocoPhillips by 69.5% in the 4th quarter. Smart Portfolios LLC now owns 478 shares of the energy producer’s stock worth $30,000 after purchasing an additional 196 shares during the period. Athena Capital Advisors LLC acquired a new position in shares of ConocoPhillips in the 4th quarter worth approximately $32,000. Clarfeld Financial Advisors LLC acquired a new position in shares of ConocoPhillips in the 4th quarter worth approximately $32,000. Finally, Destination Wealth Management lifted its position in shares of ConocoPhillips by 592.6% in the 1st quarter. Destination Wealth Management now owns 561 shares of the energy producer’s stock worth $37,000 after purchasing an additional 480 shares during the period. 72.09% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have recently issued reports on COP shares. Morgan Stanley boosted their price target on shares of ConocoPhillips from $77.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research note on Wednesday, March 13th. Piper Jaffray Companies upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $68.00 to $75.00 in a research note on Thursday, March 21st. Credit Suisse Group upgraded shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Tuesday, April 30th. Finally, ValuEngine lowered shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $79.21.

Shares of NYSE COP traded down $0.27 during trading on Friday, hitting $61.00. The stock had a trading volume of 6,019,120 shares, compared to its average volume of 6,681,473. ConocoPhillips has a 12 month low of $56.75 and a 12 month high of $80.24. The company has a quick ratio of 1.72, a current ratio of 1.86 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $69.25 billion, a P/E ratio of 13.47, a PEG ratio of 1.56 and a beta of 1.03. The company’s fifty day moving average price is $60.28.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Tuesday, April 30th. The energy producer reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.08. The company had revenue of $10.06 billion for the quarter, compared to the consensus estimate of $9.16 billion. ConocoPhillips had a net margin of 18.08% and a return on equity of 16.65%. During the same period in the previous year, the firm earned $0.96 EPS. On average, research analysts predict that ConocoPhillips will post 4.22 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were issued a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Friday, May 10th. ConocoPhillips’s dividend payout ratio (DPR) is currently 26.93%.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its 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 conventional and unconventional exploration prospects.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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