Summit Asset Management LLC Makes New $216,000 Investment in ConocoPhillips (NYSE:COP)

Summit Asset Management LLC acquired a new position in ConocoPhillips (NYSE:COP) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,860 shares of the energy producer’s stock, valued at approximately $216,000.

Several other institutional investors have also recently bought and sold shares of the stock. Orion Capital Management LLC acquired a new position in shares of ConocoPhillips during the third quarter valued at $27,000. West Branch Capital LLC raised its stake in shares of ConocoPhillips by 87.8% during the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Oliver Lagore Vanvalin Investment Group lifted its holdings in ConocoPhillips by 63.1% in the third quarter. Oliver Lagore Vanvalin Investment Group now owns 287 shares of the energy producer’s stock valued at $34,000 after buying an additional 111 shares during the period. Spartan Planning & Wealth Management bought a new position in ConocoPhillips in the third quarter valued at approximately $40,000. Finally, Milestone Investment Advisors LLC bought a new stake in shares of ConocoPhillips during the 3rd quarter valued at $46,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price target on ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Raymond James reduced their target price on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Scotiabank upped their price target on ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a research note on Thursday, April 11th. Wells Fargo & Company lifted their price objective on shares of ConocoPhillips from $141.00 to $149.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. Finally, Piper Sandler upped their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $142.65.

ConocoPhillips Stock Down 1.4 %

ConocoPhillips stock traded down $1.77 during midday trading on Thursday, reaching $122.57. The stock had a trading volume of 3,188,616 shares, compared to its average volume of 5,317,681. ConocoPhillips has a 1-year low of $95.70 and a 1-year high of $135.18. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.29 and a current ratio of 1.43. The firm’s fifty day simple moving average is $123.43 and its 200-day simple moving average is $117.72. The stock has a market capitalization of $144.19 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 2.76 and a beta of 1.25.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. The company had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $14.47 billion. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. During the same period last year, the company earned $2.71 earnings per share. As a group, analysts expect that ConocoPhillips will post 9.11 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.55%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, February 15th. ConocoPhillips’s dividend payout ratio is currently 25.61%.

Insider Activity

In related news, CEO Ryan Michael Lance sold 607,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the sale, the chief executive officer now owns 6,780 shares in the company, valued at $853,669.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ryan Michael Lance sold 607,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the transaction, the chief executive officer now directly owns 6,780 shares of the company’s stock, valued at $853,669.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Heather G. Hrap sold 4,548 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $110.55, for a total transaction of $502,781.40. Following the transaction, the senior vice president now owns 2,654 shares in the company, valued at $293,399.70. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock worth $87,615,169 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.