Summit Financial LLC Sells 3,052 Shares of ConocoPhillips (NYSE:COP)

Summit Financial LLC decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 21.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 10,946 shares of the energy producer’s stock after selling 3,052 shares during the period. Summit Financial LLC’s holdings in ConocoPhillips were worth $1,271,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Great Valley Advisor Group Inc. raised its position in shares of ConocoPhillips by 7.5% during the 4th quarter. Great Valley Advisor Group Inc. now owns 66,606 shares of the energy producer’s stock valued at $7,731,000 after acquiring an additional 4,667 shares during the last quarter. Searle & CO. grew its holdings in shares of ConocoPhillips by 37.9% in the 4th quarter. Searle & CO. now owns 16,177 shares of the energy producer’s stock valued at $1,878,000 after buying an additional 4,448 shares during the period. Howe & Rusling Inc. grew its holdings in shares of ConocoPhillips by 12.9% in the 4th quarter. Howe & Rusling Inc. now owns 3,461 shares of the energy producer’s stock valued at $402,000 after buying an additional 395 shares during the period. Concord Wealth Partners grew its holdings in shares of ConocoPhillips by 65.5% in the 4th quarter. Concord Wealth Partners now owns 12,526 shares of the energy producer’s stock valued at $1,454,000 after buying an additional 4,957 shares during the period. Finally, Essex Financial Services Inc. grew its holdings in shares of ConocoPhillips by 12.6% in the 4th quarter. Essex Financial Services Inc. now owns 18,416 shares of the energy producer’s stock valued at $2,138,000 after buying an additional 2,060 shares during the period. Institutional investors own 82.36% of the company’s stock.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $1,836,161.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other ConocoPhillips news, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the transaction, the chief executive officer now owns 6,780 shares in the company, valued at approximately $853,669.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was 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 in the company, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Insiders have sold a total of 700,775 shares of company stock valued at $87,615,169 in the last three months. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on COP. Scotiabank boosted their price target on shares of ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Mizuho reaffirmed a “neutral” rating and issued a $139.00 target price (up from $132.00) on shares of ConocoPhillips in a research note on Friday, March 22nd. Morgan Stanley upped their target price on shares of ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. UBS Group upped their target price on shares of ConocoPhillips from $138.00 to $143.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, Barclays began coverage on shares of ConocoPhillips in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.65.

ConocoPhillips Stock Performance

Shares of COP stock traded down $1.41 on Thursday, reaching $122.93. The stock had a trading volume of 978,631 shares, compared to its average volume of 5,290,749. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average is $123.43 and its two-hundred day moving average is $117.72. The firm has a market capitalization of $144.62 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 2.76 and a beta of 1.25. ConocoPhillips has a 12 month low of $95.70 and a 12 month high of $135.18.

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

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were issued a $0.78 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Thursday, February 15th. ConocoPhillips’s dividend payout ratio is currently 25.61%.

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, 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.