First Financial Bankshares Inc Acquires 18,856 Shares of ConocoPhillips $COP

Key Points

• First Financial Bankshares Inc increased its stake in ConocoPhillips by 3.4%, now holding 576,005 shares valued at approximately $60.49 million.
• ConocoPhillips reported earnings of $1.42 EPS for the most recent quarter, exceeding analysts' expectations, with a revenue of $14.94 billion.
• The company declared a quarterly dividend of $0.78, yielding approximately 3.1%, with the payout date set for September 2nd.

First Financial Bankshares Inc boosted its stake in ConocoPhillips (NYSE:COP - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 576,005 shares of the energy producer's stock after purchasing an additional 18,856 shares during the quarter. ConocoPhillips comprises about 1.3% of First Financial Bankshares Inc's investment portfolio, making the stock its 27th largest holding. First Financial Bankshares Inc's holdings in ConocoPhillips were worth $60,492,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. 10Elms LLP bought a new stake in ConocoPhillips in the fourth quarter valued at about $28,000. Financial Network Wealth Advisors LLC grew its stake in ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares during the period. Stone House Investment Management LLC acquired a new position in ConocoPhillips in the first quarter valued at about $31,000. Garde Capital Inc. acquired a new position in ConocoPhillips in the first quarter valued at about $35,000. Finally, IMA Advisory Services Inc. acquired a new position in ConocoPhillips in the first quarter valued at about $37,000. Institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Morgan Stanley reaffirmed an "overweight" rating and set a $123.00 price objective (up from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Scotiabank raised their price objective on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Mizuho lowered their price objective on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Piper Sandler boosted their price objective on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $120.95.

ConocoPhillips Price Performance

COP traded down $2.80 during trading on Friday, reaching $92.97. The stock had a trading volume of 8,509,686 shares, compared to its average volume of 7,999,905. The stock has a market cap of $116.12 billion, a PE ratio of 12.48, a PEG ratio of 2.48 and a beta of 0.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The business has a 50-day moving average of $94.70 and a 200-day moving average of $93.22.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter in the prior year, the firm earned $1.98 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the purchase, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.24% of the company's stock.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.