Kentucky Farm Bureau Mutual Insurance Co Buys Shares of 30,000 ConocoPhillips $COP

Kentucky Farm Bureau Mutual Insurance Co acquired a new position in shares of ConocoPhillips (NYSE:COP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 30,000 shares of the energy producer’s stock, valued at approximately $3,119,000.

Other large investors have also recently bought and sold shares of the company. Concurrent Investment Advisors LLC raised its position in shares of ConocoPhillips by 31.2% in the fourth quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer’s stock valued at $8,067,000 after purchasing an additional 20,501 shares during the period. D.A. Davidson & CO. raised its holdings in ConocoPhillips by 10.5% in the 4th quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock valued at $14,572,000 after acquiring an additional 14,833 shares in the last quarter. Vanguard Group Inc. raised its position in shares of ConocoPhillips by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer’s stock valued at $11,256,713,000 after buying an additional 408,304 shares in the last quarter. Mach 1 Financial Group LLC acquired a new position in ConocoPhillips during the fourth quarter valued at approximately $1,169,000. Finally, Jennison Associates LLC lifted its position in shares of ConocoPhillips by 7.6% during the 4th quarter. Jennison Associates LLC now owns 153,240 shares of the energy producer’s stock worth $14,345,000 after buying an additional 10,779 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the subject of several research reports. UBS Group increased their price objective on shares of ConocoPhillips from $143.00 to $153.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Truist Financial lifted their price target on ConocoPhillips from $115.00 to $130.00 and gave the company a “hold” rating in a research note on Monday, August 10th. Scotiabank lifted their target price on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Susquehanna boosted their target price on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. Finally, Freedom Capital raised shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $139.21.

ConocoPhillips Stock Performance

Shares of COP stock opened at $130.72 on Thursday. The company has a market cap of $157.04 billion, a P/E ratio of 17.29, a P/E/G ratio of 1.43 and a beta of 0.11. ConocoPhillips has a one year low of $85.57 and a one year high of $135.87. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The firm has a 50-day moving average of $114.53 and a 200-day moving average of $117.32.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The business had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The business’s revenue for the quarter was up 32.4% on a year-over-year basis. During the same period last year, the business posted $1.42 earnings per share. Equities research analysts forecast that ConocoPhillips will post 10.05 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips’s payout ratio is presently 44.44%.

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.