Trustmark National Bank Trust Department Decreases Holdings in ConocoPhillips (NYSE:COP)

Trustmark National Bank Trust Department reduced its position in ConocoPhillips (NYSE:COP) by 16.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,396 shares of the energy producer’s stock after selling 2,905 shares during the quarter. Trustmark National Bank Trust Department’s holdings in ConocoPhillips were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Values First Advisors Inc. purchased a new stake in ConocoPhillips during the third quarter valued at about $26,000. Stephens Consulting LLC lifted its stake in shares of ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after buying an additional 104 shares in the last quarter. Reston Wealth Management LLC bought a new position in ConocoPhillips in the 3rd quarter worth approximately $31,000. Y.D. More Investments Ltd purchased a new position in ConocoPhillips in the 2nd quarter valued at approximately $35,000. Finally, Fairway Wealth LLC raised its holdings in ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after acquiring an additional 153 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Truist Financial reduced their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. BMO Capital Markets upped their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Barclays increased their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Finally, UBS Group lowered 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. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Price Performance

COP opened at $113.43 on Thursday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $130.55 billion, a P/E ratio of 13.49, a PEG ratio of 0.92 and a beta of 1.21. The stock has a 50-day moving average price of $108.57 and a 200-day moving average price of $111.48. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same quarter in the prior year, the firm earned $2.16 earnings per share. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities analysts predict that ConocoPhillips will post 7.8 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

ConocoPhillips Company Profile

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.