16,193 ConocoPhillips $COP Shares Bought by Provenance Wealth Advisors LLC

Key Points

• Provenance Wealth Advisors increased its ConocoPhillips stake by 6,451.4% in the third quarter, adding 16,193 shares to hold 16,444 shares worth about $2.06 million.
• Analyst sentiment is broadly positive: ConocoPhillips has a “Moderate Buy” consensus rating and an average price target of $145.08.
• The company reported quarterly earnings of $3.24 per share, beating estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion. Its quarterly dividend was $0.84 per share.

Provenance Wealth Advisors LLC increased its stake in ConocoPhillips (NYSE:COP - Free Report) by 6,451.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 16,444 shares of the energy producer's stock after buying an additional 16,193 shares during the quarter. Provenance Wealth Advisors LLC's holdings in ConocoPhillips were worth $2,058,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in COP. Carolina Wealth Advisors LLC bought a new stake in ConocoPhillips in the third quarter worth about $28,000. Frazier Financial Advisors LLC boosted its stake in ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock valued at $32,000 after acquiring an additional 145 shares during the last quarter. Allied Private Wealth LLC purchased a new position in ConocoPhillips in the second quarter valued at about $32,000. William Mack & Associates Inc. purchased a new position in ConocoPhillips in the third quarter valued at about $34,000. Finally, Evergreen Advisors LLC bought a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $36,000. Institutional investors own 82.36% of the company's stock.

Wall Street Analyst Weigh In

COP has been the subject of several research analyst reports. UBS Group restated an "outperform" rating on shares of ConocoPhillips in a research note on Monday. Raymond James Financial reiterated an "outperform" rating and issued a $170.00 price objective on shares of ConocoPhillips in a research note on Monday. Weiss Ratings raised ConocoPhillips from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, September 29th. Truist Financial increased their price objective on ConocoPhillips from $130.00 to $136.00 and gave the company a "hold" rating in a report on Wednesday, October 7th. Finally, Freedom Capital raised ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $145.08.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.09% of the company's stock.

ConocoPhillips Price Performance

NYSE COP opened at $144.46 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a market cap of $173.54 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.16. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $154.28. The firm's 50-day simple moving average is $136.59 and its two-hundred day simple moving average is $121.52.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same quarter last year, the company earned $1.42 earnings per share. The company's revenue was up 32.4% on a year-over-year basis. Research analysts predict that ConocoPhillips will post 11.41 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.3%. ConocoPhillips's dividend payout ratio (DPR) is 44.44%.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company's portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.

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