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

Summit Asset Management LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 1,860 shares of the energy producer’s stock, valued at approximately $216,000.

A number of other large investors also recently modified their holdings of COP. Brookstone Capital Management boosted its stake in shares of ConocoPhillips by 6.6% in the 3rd quarter. Brookstone Capital Management now owns 7,509 shares of the energy producer’s stock valued at $949,000 after purchasing an additional 464 shares in the last quarter. Vicus Capital bought a new position in shares of ConocoPhillips during the third quarter valued at about $270,000. FinTrust Capital Advisors LLC increased its holdings in shares of ConocoPhillips by 5.0% in the third quarter. FinTrust Capital Advisors LLC now owns 6,058 shares of the energy producer’s stock worth $726,000 after buying an additional 286 shares during the period. Raymond James & Associates increased its holdings in shares of ConocoPhillips by 4.4% in the third quarter. Raymond James & Associates now owns 1,539,472 shares of the energy producer’s stock worth $184,429,000 after buying an additional 65,418 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in shares of ConocoPhillips by 1.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 357,367 shares of the energy producer’s stock valued at $42,813,000 after acquiring an additional 3,893 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the transaction, the executive vice president now directly owns 14,522 shares in the company, valued at $1,836,161.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of ConocoPhillips stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares of the company’s stock, valued at $1,836,161.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William L. Jr. Bullock sold 45,200 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total value of $5,574,064.00. Following the completion of the transaction, the chief financial officer now directly owns 44,153 shares of the company’s stock, valued at approximately $5,444,947.96. The disclosure for this sale can be found here. Insiders have sold a total of 700,775 shares of company stock worth $87,615,169 in the last ninety days. Insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Down 1.4 %

Shares of COP stock traded down $1.77 during mid-day trading on Thursday, hitting $122.57. The company’s stock had a trading volume of 3,188,616 shares, compared to its average volume of 5,317,681. The stock has a market cap of $144.19 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 2.76 and a beta of 1.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.29 and a current ratio of 1.43. ConocoPhillips has a 52-week low of $95.70 and a 52-week high of $135.18. The business has a 50-day moving average price of $123.43 and a 200 day moving average price of $117.72.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. The business had revenue of $15.31 billion during the quarter, compared to analyst estimates of $14.47 billion. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. During the same quarter in the previous year, the firm earned $2.71 EPS. Research analysts predict that ConocoPhillips will post 9.11 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

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

Analyst Upgrades and Downgrades

COP has been the topic of a number of analyst reports. Raymond James decreased their price target on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Scotiabank lifted their target price on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 11th. Truist Financial dropped their price target on shares of ConocoPhillips from $170.00 to $160.00 and set a “buy” rating for the company in a research report on Monday. Susquehanna boosted their price objective on shares of ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Finally, Barclays assumed coverage on shares of ConocoPhillips in a research note on Wednesday, April 10th. They set an “overweight” rating and a $158.00 price objective for the company. Five 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $142.65.

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, 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.