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

PNC Financial Services Group Inc. reduced its position in ConocoPhillips (NYSE:COP - Free Report) by 1.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,224,388 shares of the energy producer's stock after selling 19,642 shares during the period. PNC Financial Services Group Inc. owned about 0.11% of ConocoPhillips worth $128,904,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vicus Capital boosted its stake in ConocoPhillips by 3.7% in the second quarter. Vicus Capital now owns 2,637 shares of the energy producer's stock valued at $302,000 after buying an additional 94 shares in the last quarter. Montag A & Associates Inc. grew its holdings 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 during the last quarter. Excalibur Management Corp increased its position in ConocoPhillips by 2.4% during the 2nd quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer's stock worth $462,000 after purchasing an additional 96 shares in the last quarter. First Hawaiian Bank lifted its stake in ConocoPhillips by 0.3% in the 2nd quarter. First Hawaiian Bank now owns 36,739 shares of the energy producer's stock valued at $4,202,000 after purchasing an additional 97 shares during the last quarter. Finally, Bank OZK grew its stake in shares of ConocoPhillips by 1.6% during the second quarter. Bank OZK now owns 6,251 shares of the energy producer's stock worth $715,000 after buying an additional 97 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on COP. UBS Group reduced their price objective on ConocoPhillips from $153.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, September 18th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Barclays upped their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an "overweight" rating in a research report on Friday, November 1st. Finally, Susquehanna lifted their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a "positive" rating in a report on Friday, November 1st. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and a consensus price target of $137.63.

ConocoPhillips Trading Up 0.3 %

Shares of NYSE:COP traded up $0.34 during mid-day trading on Wednesday, hitting $113.43. The company had a trading volume of 4,035,211 shares, compared to its average volume of 5,867,627. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The firm has a fifty day moving average price of $108.57 and a 200 day moving average price of $111.48. The company has a market capitalization of $130.55 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company had revenue of $13.60 billion for the quarter, compared to analysts' expectations of $13.97 billion. During the same quarter in the prior year, the firm earned $2.16 EPS. The business's revenue was down 8.5% on a year-over-year basis. As a group, research analysts forecast that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The company 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 represents a $3.12 dividend on an annualized basis and a dividend yield of 2.75%. This is a positive change from ConocoPhillips's previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. ConocoPhillips's dividend payout ratio is presently 37.10%.

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.