Summit Financial Wealth Advisors LLC Decreases Stock Holdings in ConocoPhillips (NYSE:COP)

Summit Financial Wealth Advisors LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Patton Fund Management Inc. increased its position in shares of ConocoPhillips by 4.0% during the 2nd quarter. Patton Fund Management Inc. now owns 2,989 shares of the energy producer’s stock valued at $310,000 after purchasing an additional 116 shares during the last quarter. Cardinal Capital Management grew its stake in shares of ConocoPhillips by 1.0% during the 2nd quarter. Cardinal Capital Management now owns 70,652 shares of the energy producer’s stock valued at $7,320,000 after acquiring an additional 715 shares during the period. First National Bank of South Miami grew its stake in shares of ConocoPhillips by 30.0% during the 2nd quarter. First National Bank of South Miami now owns 2,161 shares of the energy producer’s stock valued at $224,000 after acquiring an additional 499 shares during the period. American National Bank boosted its stake in ConocoPhillips by 5.7% in the 2nd quarter. American National Bank now owns 9,564 shares of the energy producer’s stock worth $991,000 after purchasing an additional 515 shares during the period. Finally, Platform Technology Partners boosted its stake in ConocoPhillips by 1.8% in the 2nd quarter. Platform Technology Partners now owns 10,195 shares of the energy producer’s stock worth $1,095,000 after purchasing an additional 181 shares during the period. Hedge funds and other institutional investors own 80.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP traded up $0.14 during trading hours on Tuesday, hitting $124.62. 807,053 shares of the stock were exchanged, compared to its average volume of 5,808,942. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.28 and a current ratio of 1.41. ConocoPhillips has a 12-month low of $91.53 and a 12-month high of $138.49. The company has a market cap of $149.23 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 0.78 and a beta of 1.30. The stock’s 50-day moving average price is $116.22 and its two-hundred day moving average price is $107.25.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 3rd. The energy producer reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.10). The company had revenue of $12.88 billion during the quarter, compared to analysts’ expectations of $14.64 billion. ConocoPhillips had a net margin of 18.66% and a return on equity of 27.27%. During the same quarter in the previous year, the company earned $3.91 earnings per share. Research analysts expect that ConocoPhillips will post 8.74 earnings per share for the current year.

ConocoPhillips Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on COP shares. Morgan Stanley reaffirmed an “overweight” rating and set a $124.00 price objective on shares of ConocoPhillips in a report on Wednesday, July 19th. Mizuho boosted their price target on ConocoPhillips from $135.00 to $139.00 and gave the stock a “neutral” rating in a research note on Monday. Raymond James decreased their target price on ConocoPhillips from $142.00 to $138.00 and set a “strong-buy” rating for the company in a report on Monday, July 24th. Truist Financial lifted their target price on ConocoPhillips from $151.00 to $160.00 and gave the stock a “buy” rating in a report on Monday. Finally, Jefferies Financial Group decreased their target price on ConocoPhillips from $143.00 to $141.00 and set a “buy” rating for the company in a report on Monday, August 28th. Five research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average target price of $135.11.

Insider Transactions at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 569,400 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the transaction, the chief executive officer now owns 18,187 shares of the company’s stock, valued at approximately $2,221,360.18. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.37% 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 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.