First National Bank of Hutchinson Sells 2,032 Shares of ConocoPhillips (NYSE:COP)

First National Bank of Hutchinson reduced its position in shares of ConocoPhillips (NYSE:COP) by 17.3% in the third quarter, Holdings Channel reports. The fund owned 9,684 shares of the energy producer’s stock after selling 2,032 shares during the quarter. First National Bank of Hutchinson’s holdings in ConocoPhillips were worth $1,020,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of COP. Global Assets Advisory LLC purchased a new stake in shares of ConocoPhillips during the 1st quarter valued at about $1,933,000. Sound Income Strategies LLC raised its position in ConocoPhillips by 35.1% during the first quarter. Sound Income Strategies LLC now owns 1,063 shares of the energy producer’s stock valued at $135,000 after purchasing an additional 276 shares during the period. Brookstone Capital Management lifted its stake in shares of ConocoPhillips by 41.2% in the 1st quarter. Brookstone Capital Management now owns 10,158 shares of the energy producer’s stock valued at $1,293,000 after purchasing an additional 2,963 shares during the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of ConocoPhillips in the 1st quarter worth approximately $240,000. Finally, Signet Financial Management LLC increased its position in shares of ConocoPhillips by 7.6% during the 1st quarter. Signet Financial Management LLC now owns 4,914 shares of the energy producer’s stock valued at $625,000 after purchasing an additional 348 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ConocoPhillips

In related news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction 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 $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $104.49 on Thursday. The firm has a 50 day moving average of $108.74 and a 200 day moving average of $114.21. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $121.34 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the business posted $1.84 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. On average, sell-side analysts predict that ConocoPhillips will post 7.95 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 25.86%.

Wall Street Analysts Forecast Growth

Several research firms have commented on COP. Wolfe Research initiated coverage on shares of ConocoPhillips in a research note on Thursday, July 18th. They set an “outperform” rating and a $145.00 price objective for the company. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Barclays decreased their price objective on shares of ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Scotiabank reduced 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. Finally, Mizuho decreased their price target on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Six investment 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $136.94.

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.