ConocoPhillips $COP Stock: Summit Financial Wealth Advisors LLC Boosts Position

Summit Financial Wealth Advisors LLC raised its stake in ConocoPhillips (NYSE:COP) by 122.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,683 shares of the energy producer’s stock after acquiring an additional 3,675 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in ConocoPhillips were worth $836,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. State of Alaska Department of Revenue lifted its stake in shares of ConocoPhillips by 114.8% in the third quarter. State of Alaska Department of Revenue now owns 324,995 shares of the energy producer’s stock worth $40,673,000 after buying an additional 173,673 shares in the last quarter. Charles Schwab Trust Co increased its position in shares of ConocoPhillips by 76.3% during the third quarter. Charles Schwab Trust Co now owns 14,349 shares of the energy producer’s stock valued at $1,796,000 after acquiring an additional 6,210 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its position in shares of ConocoPhillips by 68.6% during the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 8,104 shares of the energy producer’s stock valued at $1,014,000 after acquiring an additional 3,296 shares in the last quarter. Nvwm LLC increased its position in shares of ConocoPhillips by 1,185.0% during the third quarter. Nvwm LLC now owns 514 shares of the energy producer’s stock valued at $69,000 after acquiring an additional 474 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in ConocoPhillips by 15,532.7% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 489,302 shares of the energy producer’s stock worth $61,236,000 after acquiring an additional 486,172 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on COP shares. Mizuho decreased their price target on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a research note on Tuesday, July 7th. Freedom Capital raised ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Susquehanna increased their price objective on ConocoPhillips from $155.00 to $161.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. Zacks Research upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. Finally, Weiss Ratings upgraded ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $143.62.

Insider Activity at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is owned by insiders.

ConocoPhillips Stock Performance

COP stock traded down $0.14 on Thursday, hitting $142.20. The company had a trading volume of 2,623,005 shares, compared to its average volume of 8,045,584. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $143.13. The stock has a market cap of $170.83 billion, a price-to-earnings ratio of 18.81, a P/E/G ratio of 1.44 and a beta of 0.24. The stock’s 50-day simple moving average is $131.03 and its 200 day simple moving average is $122.22.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.90 by $0.34. The business had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company’s quarterly revenue was up 32.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.42 EPS. As a group, equities research analysts expect that ConocoPhillips will post 10.84 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. ConocoPhillips’s payout ratio is presently 44.44%.

About ConocoPhillips

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.