Summit Financial Wealth Advisors LLC Acquires 396 Shares of ConocoPhillips (NYSE:COP)

Summit Financial Wealth Advisors LLC boosted its holdings in shares of ConocoPhillips (NYSE:COP) by 10.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,042 shares of the energy producer’s stock after buying an additional 396 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in ConocoPhillips were worth $398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Albion Financial Group UT increased its stake in shares of ConocoPhillips by 876.9% in the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after purchasing an additional 228 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in ConocoPhillips in the fourth quarter worth about $26,000. Centricity Wealth Management LLC bought a new position in shares of ConocoPhillips in the fourth quarter worth about $27,000. Crowley Wealth Management Inc. purchased a new position in shares of ConocoPhillips during the 4th quarter valued at about $32,000. Finally, Marshall Investment Management LLC bought a new position in shares of ConocoPhillips during the 4th quarter valued at approximately $36,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on COP. Piper Sandler lowered their price target on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company lowered their target price on shares of ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. UBS Group cut their price target on ConocoPhillips from $130.00 to $116.00 and set a “buy” rating for the company in a research note on Monday. Truist Financial boosted their price objective on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Raymond James lowered ConocoPhillips from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $157.00 to $124.00 in a research note on Monday, February 10th. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.84.

ConocoPhillips Trading Down 8.8 %

Shares of ConocoPhillips stock traded down $8.01 during trading on Thursday, hitting $83.50. The stock had a trading volume of 2,607,365 shares, compared to its average volume of 6,978,015. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $135.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The firm’s fifty day simple moving average is $97.11 and its 200-day simple moving average is $102.35. The stock has a market cap of $105.56 billion, a PE ratio of 10.72, a PEG ratio of 0.79 and a beta of 0.83.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. As a group, sell-side analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s dividend payout ratio is presently 40.05%.

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.