Avantax Planning Partners Inc. Purchases 30,647 Shares of ConocoPhillips $COP

Key Points

• Avantax Planning Partners nearly doubled its stake in ConocoPhillips in the first quarter, buying 30,647 additional shares and raising its total holding to 61,638 shares worth about $8.14 million.
• ConocoPhillips reported better-than-expected Q1 earnings, posting $1.89 EPS versus estimates of $1.72 and revenue of $15.76 billion, though revenue was still down 6.1% year over year.
• The company paid a quarterly dividend of $0.84 per share in June, equivalent to an annualized yield of about 3.0%, while analysts currently hold a Moderate Buy consensus with an average price target of $134.04.

Avantax Planning Partners Inc. raised its position in ConocoPhillips (NYSE:COP - Free Report) by 98.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 61,638 shares of the energy producer's stock after purchasing an additional 30,647 shares during the period. Avantax Planning Partners Inc.'s holdings in ConocoPhillips were worth $8,136,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in ConocoPhillips during the fourth quarter worth $25,000. KERR FINANCIAL PLANNING Corp acquired a new position in ConocoPhillips in the third quarter valued at $28,000. Board of the Pension Protection Fund acquired a new position in ConocoPhillips in the fourth quarter valued at $28,000. Strive Asset Management LLC bought a new stake in ConocoPhillips during the third quarter valued at $28,000. Finally, BNP Paribas acquired a new stake in ConocoPhillips during the 2nd quarter worth about $33,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $112.75 on Tuesday. The firm's 50-day moving average price is $113.88 and its 200-day moving average price is $112.93. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The firm has a market capitalization of $137.36 billion, a P/E ratio of 19.14, a P/E/G ratio of 1.31 and a beta of 0.12. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share (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 analysts' expectations of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business's revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.09 EPS. Equities research analysts anticipate that ConocoPhillips will post 9.28 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's dividend payout ratio is 57.05%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on COP shares. Scotiabank lifted their price objective on ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Barclays upped their target price on ConocoPhillips from $136.00 to $155.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Truist Financial decreased their target price on ConocoPhillips from $128.00 to $115.00 and set a "hold" rating for the company in a research note on Wednesday, July 8th. Freedom Capital downgraded ConocoPhillips from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 6th. Finally, BMO Capital Markets lowered their target price on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Eighteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and an average target price of $134.04.

ConocoPhillips Company Profile

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.

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