Summit Financial Wealth Advisors LLC Has $378,000 Position in ConocoPhillips (NYSE:COP)

Summit Financial Wealth Advisors LLC trimmed its stake in shares of ConocoPhillips (NYSE:COP) by 4.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,646 shares of the energy producer’s stock after selling 166 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in ConocoPhillips were worth $378,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. increased its position in ConocoPhillips by 398.1% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 269 shares of the energy producer’s stock worth $27,000 after purchasing an additional 215 shares in the last quarter. Fairfield Bush & CO. acquired a new position in ConocoPhillips during the 1st quarter worth approximately $31,000. Financial Connections Group Inc. increased its position in ConocoPhillips by 383.3% during the 4th quarter. Financial Connections Group Inc. now owns 290 shares of the energy producer’s stock worth $34,000 after purchasing an additional 230 shares in the last quarter. NewSquare Capital LLC increased its position in ConocoPhillips by 335.4% during the 1st quarter. NewSquare Capital LLC now owns 344 shares of the energy producer’s stock worth $34,000 after purchasing an additional 265 shares in the last quarter. Finally, Horan Securities Inc. grew its holdings in ConocoPhillips by 40.2% during the 1st quarter. Horan Securities Inc. now owns 349 shares of the energy producer’s stock worth $35,000 after acquiring an additional 100 shares during the last quarter. 80.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on COP shares. Erste Group Bank raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Wolfe Research raised shares of ConocoPhillips from a “peer perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Friday, July 7th. UBS Group boosted their target price on shares of ConocoPhillips from $127.00 to $147.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Piper Sandler reduced their target price on shares of ConocoPhillips from $149.00 to $125.00 in a report on Tuesday, June 13th. Finally, Raymond James reduced their price objective on shares of ConocoPhillips from $142.00 to $138.00 and set a “strong-buy” rating on the stock in a research note on Monday, July 24th. Five investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $135.11.

ConocoPhillips Stock Up 0.1 %

COP traded up $0.14 during trading on Tuesday, hitting $124.62. 807,053 shares of the company’s stock were exchanged, compared to its average volume of 5,808,942. The company has a quick ratio of 1.28, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $116.22 and its two-hundred day moving average is $107.25. ConocoPhillips has a fifty-two week low of $91.53 and a fifty-two week high of $138.49. The stock has a market cap of $149.23 billion, a P/E ratio of 11.99, a PEG ratio of 0.78 and a beta of 1.30.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 3rd. The energy producer reported $1.84 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.10). ConocoPhillips had a return on equity of 27.27% and a net margin of 18.66%. The business had revenue of $12.88 billion for the quarter, compared to analyst estimates of $14.64 billion. During the same quarter in the previous year, the company posted $3.91 EPS. As a group, equities analysts expect that ConocoPhillips will post 8.74 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Wednesday, August 16th were issued a $0.51 dividend. The ex-dividend date was Wednesday, September 27th. This represents a $2.04 annualized dividend and a dividend yield of 1.64%. ConocoPhillips’s dividend payout ratio is currently 19.65%.

Insider Activity

In other news, CEO Ryan Michael Lance sold 569,400 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $122.14, for a total value of $69,546,516.00. Following the completion of the sale, the chief executive officer now owns 18,187 shares in the company, valued at $2,221,360.18. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.37% of the stock is currently owned by corporate insiders.

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 and internationally. The company's 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 global exploration prospects.