MidFirst Bank Purchases New Position in ConocoPhillips $COP

MidFirst Bank purchased a new position in ConocoPhillips (NYSE:COP) in the fourth quarter, Holdings Channel reports. The fund purchased 6,528 shares of the energy producer’s stock, valued at approximately $611,000.

A number of other hedge funds also recently bought and sold shares of COP. Victory Capital Management Inc. lifted its position in shares of ConocoPhillips by 14.7% during the 3rd quarter. Victory Capital Management Inc. now owns 2,331,176 shares of the energy producer’s stock valued at $220,506,000 after buying an additional 298,245 shares in the last quarter. Natixis Advisors LLC increased its holdings in ConocoPhillips by 8.7% in the 3rd quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer’s stock worth $188,842,000 after acquiring an additional 160,410 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in ConocoPhillips by 31.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer’s stock worth $8,067,000 after acquiring an additional 20,501 shares during the period. SPX Gestao de Recursos Ltda acquired a new position in ConocoPhillips during the third quarter worth $1,892,000. Finally, D.A. Davidson & CO. lifted its holdings in ConocoPhillips by 10.5% during the fourth quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock valued at $14,572,000 after purchasing an additional 14,833 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 113,221 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $132.71, for a total value of $15,025,558.91. Following the transaction, the chief executive officer directly owned 350,000 shares in the company, valued at approximately $46,448,500. This represents a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas G. Olds sold 6,994 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $127.06, for a total value of $888,657.64. Following the completion of the transaction, the executive vice president owned 5,395 shares of the company’s stock, valued at $685,488.70. The trade was a 56.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 127,915 shares of company stock worth $16,915,448. Insiders own 0.09% of the company’s stock.

ConocoPhillips Stock Up 0.2%

Shares of COP opened at $107.92 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.87. The stock has a fifty day simple moving average of $118.65 and a two-hundred day simple moving average of $111.25. The company has a market capitalization of $131.48 billion, a PE ratio of 18.32, a price-to-earnings-growth ratio of 1.19 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. ConocoPhillips’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.09 earnings per share. As a group, equities analysts forecast that ConocoPhillips will post 10.03 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips’s payout ratio is presently 57.05%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Truist Financial set a $128.00 target price on shares of ConocoPhillips in a research report on Friday, May 1st. Piper Sandler lifted their price objective on ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Raymond James Financial reduced their target price on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating for the company in a report on Monday, June 1st. Finally, Citigroup lifted their price target on ConocoPhillips from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Seventeen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $134.48.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.