ConocoPhillips $COP Stock Acquired by Farther Finance Advisors LLC

Key Points

• Farther Finance Advisors increased its ConocoPhillips stake by 140.8% in the third quarter, holding 181,791 shares valued at approximately $22.75 million. Institutional investors collectively own 82.36% of COP’s outstanding stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $143.29. Recent quarterly results also exceeded expectations, with adjusted earnings of $3.24 per share and revenue of $19.52 billion.
• COP shares recently traded at $134.24, while the company pays a quarterly dividend of $0.84, representing a 2.5% yield. Insider ownership remains minimal, and a senior vice president recently sold nearly half of his holdings.

Farther Finance Advisors LLC raised its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 140.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 181,791 shares of the energy producer's stock after buying an additional 106,299 shares during the period. Farther Finance Advisors LLC's holdings in ConocoPhillips were worth $22,751,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sapient Capital LLC lifted its stake in shares of ConocoPhillips by 50.9% in the 3rd quarter. Sapient Capital LLC now owns 7,492 shares of the energy producer's stock worth $938,000 after purchasing an additional 2,527 shares during the period. CoreCap Advisors LLC grew its position in ConocoPhillips by 47.8% during the third quarter. CoreCap Advisors LLC now owns 15,774 shares of the energy producer's stock valued at $1,974,000 after buying an additional 5,102 shares during the period. Atwood & Palmer Inc. grew its position in ConocoPhillips by 723.7% during the third quarter. Atwood & Palmer Inc. now owns 5,535 shares of the energy producer's stock valued at $693,000 after buying an additional 4,863 shares during the period. Artemis Investment Management LLP purchased a new stake in ConocoPhillips during the third quarter valued at approximately $117,411,000. Finally, Aletheian Wealth Advisors LLC purchased a new stake in ConocoPhillips during the third quarter valued at approximately $232,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. The Goldman Sachs Group dropped their price target on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Wells Fargo & Company upped their price objective on ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Barclays decreased their target price on ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Mizuho lowered their target price on ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 7th. Finally, Susquehanna boosted their price target on ConocoPhillips from $155.00 to $161.00 and gave the company a "positive" rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.29.

Insider Activity

In other news, SVP Andrew Lundquist sold 9,487 shares of the business's stock in a transaction 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 transaction, the senior vice president owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock traded up $4.40 during trading hours on Thursday, hitting $134.24. The company's stock had a trading volume of 6,070,845 shares, compared to its average volume of 8,134,886. The business has a 50 day moving average price of $129.08 and a two-hundred day moving average price of $121.91. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $141.62. The company has a market cap of $161.27 billion, a PE ratio of 17.76, a PEG ratio of 1.35 and a beta of 0.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. The business's quarterly revenue was up 32.4% compared to the same quarter last year. Analysts expect that ConocoPhillips will post 10.62 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, August 17th. ConocoPhillips's dividend payout ratio is presently 44.44%.

Key Headlines Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Oil prices rose on supply concerns. Crude prices gained amid worries about Middle East shipping routes and a larger-than-expected decline in U.S. crude inventories. A stronger commodity backdrop typically supports ConocoPhillips’ realized prices, cash flow and earnings. ConocoPhillips gains as oil prices jump on supply fears
• Positive Sentiment: Zacks upgraded COP to “Strong Buy.” The upgrade reflects ConocoPhillips’ earnings-surprise history and what Zacks describes as favorable conditions for another quarterly earnings beat. The company’s latest reported quarter exceeded both earnings and revenue expectations, while full-year guidance was reaffirmed. Will ConocoPhillips Beat Estimates Again in Its Next Earnings Report?
• Positive Sentiment: Institutional interest provided additional support. Worth Asset Management initiated a position, while recent filings showed share additions by several large investors, including JPMorgan, BlackRock, T. Rowe Price and Charles Schwab Investment Management. Analysts tracked by Quiver Quantitative have issued buy or overweight ratings, with a reported median price target of $143.
• Positive Sentiment: Long-term LNG exposure remains a potential catalyst. ConocoPhillips agreed to purchase 1 million metric tons of LNG annually from Venture Global beginning in 2030 under a 20-year agreement. The deal expands its long-term natural-gas exposure, although the financial benefit is several years away. ConocoPhillips Could Be 11% Undervalued Following New 20 Year LNG Deal
• Neutral Sentiment: Insider activity was mixed for investors. Three insiders sold shares during the past six months, with no reported open-market purchases. These sales may raise a modest caution flag, but they do not necessarily indicate a change in the company’s operating outlook.

ConocoPhillips Company Profile

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

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.