ConocoPhillips $COP Stake Boosted by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC increased its holdings in ConocoPhillips (NYSE:COP) by 122.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,683 shares of the energy producer’s stock after acquiring an additional 3,675 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in ConocoPhillips were worth $836,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Patten Group Inc. raised its stake in ConocoPhillips by 1.5% during the 1st quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after buying an additional 83 shares during the period. IFC Advisors LLC boosted its holdings in ConocoPhillips by 0.4% in the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock worth $2,664,000 after acquiring an additional 84 shares in the last quarter. Cornerstone Planning Group LLC grew its stake in ConocoPhillips by 9.6% in the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer’s stock valued at $124,000 after acquiring an additional 88 shares during the period. Blue Trust Inc. grew its stake in ConocoPhillips by 0.4% in the first quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock valued at $2,791,000 after acquiring an additional 92 shares during the period. Finally, Sigma Planning Corp grew its stake in ConocoPhillips by 0.6% in the first quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock valued at $2,120,000 after acquiring an additional 94 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Zacks Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Wall Street Zen raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Royal Bank Of Canada set a $130.00 price target on shares of ConocoPhillips in a research report on Monday, June 22nd. Jefferies Financial Group boosted their price target on shares of ConocoPhillips from $159.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Finally, Mizuho lowered their price objective on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Two 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.62.

ConocoPhillips Stock Down 0.1%

COP traded down $0.14 during midday trading on Thursday, reaching $142.20. 2,623,005 shares of the company were exchanged, compared to its average volume of 8,045,584. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The company’s fifty day moving average price is $131.03 and its 200 day moving average price is $122.22. The company has a market cap of $170.83 billion, a price-to-earnings ratio of 18.81, a price-to-earnings-growth ratio of 1.44 and a beta of 0.24. ConocoPhillips has a one year low of $85.57 and a one year high of $143.13.

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

ConocoPhillips Announces Dividend

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

Insider Buying and Selling

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

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.