Associated Banc Corp Buys New Stake in ConocoPhillips $COP

Key Points

• Associated Banc Corp opened a new ConocoPhillips position in Q3, buying 17,491 shares valued at approximately $2.19 million; institutional investors collectively own 82.36% of the company.
• In its latest reported quarter, ConocoPhillips posted earnings of $3.24 per share, above the $2.90 consensus, while revenue rose 32.4% year over year to $19.52 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $145.08. Separately, SVP Andrew Lundquist sold 9,487 shares, reducing his stake by 49.72%.

Associated Banc Corp acquired a new stake in ConocoPhillips (NYSE:COP - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 17,491 shares of the energy producer's stock, valued at approximately $2,189,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Carolina Wealth Advisors LLC purchased a new position in ConocoPhillips in the third quarter worth $28,000. Frazier Financial Advisors LLC boosted its position in shares of ConocoPhillips by 151.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of ConocoPhillips during the 2nd quarter worth $32,000. William Mack & Associates Inc. acquired a new position in shares of ConocoPhillips during the 3rd quarter worth $34,000. Finally, Evergreen Advisors LLC acquired a new position in shares of ConocoPhillips during the 1st quarter worth $36,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: A CNBC market commentator described ConocoPhillips as a potentially low-risk, high-reward way to invest in oil, supporting the case for COP among investors seeking energy exposure. Jay Woods says ConocoPhillips offers a low-risk, high-reward way to invest in oil
• Positive Sentiment: Zacks included COP among low-beta, high-yield energy stocks, citing improving earnings estimates, growth prospects and dividends. Another Zacks article pointed to COP’s price strength and potential for momentum to continue. Buy 5 Low-Beta High-Yielding Stocks Amid Recent Wall Street Volatility 4 Stocks Trading Near 52-Week High With More Upside Potential
• Neutral Sentiment: Q3 previews highlight the potential for upstream-focused growth and strong sector earnings, but the reports are forecasts rather than confirmed results. COP’s Nov. 5 release may move the stock depending on results and guidance versus elevated expectations. ConocoPhillips Q3 preview: High expectations as upstream focus drives growth
• Negative Sentiment: A report noted COP shares fell about 5% in one session, wiping out roughly $8 billion in market value; the provided article details do not identify a specific trigger. Separately, volatile oil prices and activist pressure could put the company’s promised shareholder payouts under scrutiny. ConocoPhillips Drops 5% in a Single Session, Erasing $8 Billion ConocoPhillips and Devon Energy Earnings Previews: What Shareholders Should Watch

Insider Buying and Selling

In other news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This represents a 49.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.09% of the company's stock.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $136.63 on Thursday. The stock's 50 day moving average price is $136.69 and its 200 day moving average price is $121.71. 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 stock has a market cap of $164.14 billion, a price-to-earnings ratio of 18.61, a PEG ratio of 1.36 and a beta of 0.16. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $154.28.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The firm had revenue of $19.52 billion for the quarter, compared to analysts' expectations of $18.79 billion. During the same quarter last year, the business posted $1.42 EPS. ConocoPhillips's revenue was up 32.4% on a year-over-year basis. Equities research analysts anticipate that ConocoPhillips will post 11.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on COP. Truist Financial raised their price target on ConocoPhillips from $130.00 to $136.00 and gave the stock a "hold" rating in a research report on Wednesday, October 7th. Seaport Research Partners initiated coverage on ConocoPhillips in a research report on Thursday, September 3rd. They issued a "neutral" rating on the stock. Jefferies Financial Group increased their price objective on ConocoPhillips from $159.00 to $174.00 and gave the company a "buy" rating in a research note on Tuesday, October 6th. Wells Fargo & Company lifted their price objective on ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $170.00 price objective on shares of ConocoPhillips in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $145.08.

About ConocoPhillips

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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