SouthState Corp Acquires 13,465 Shares of ConocoPhillips (NYSE:COP)

Key Points

• SouthState Corp increased its holdings in ConocoPhillips by 318.0% during the first quarter, totaling 17,699 shares valued at approximately $1.86 million.
• ConocoPhillips reported a net margin of 15.26% and earnings per share of $1.42 for the last quarter, exceeding analysts' expectations.
• The company declared a quarterly dividend of $0.78, with an annualized rate of $3.12 and a yield of 3.3%.

SouthState Corp grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 318.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,699 shares of the energy producer's stock after acquiring an additional 13,465 shares during the quarter. SouthState Corp's holdings in ConocoPhillips were worth $1,859,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of COP. 10Elms LLP bought a new stake in shares of ConocoPhillips in the fourth quarter worth about $28,000. Garde Capital Inc. acquired a new position in shares of ConocoPhillips during the first quarter worth about $35,000. IMA Advisory Services Inc. acquired a new position in shares of ConocoPhillips during the first quarter worth about $37,000. Fourth Dimension Wealth LLC acquired a new position in shares of ConocoPhillips during the fourth quarter worth about $39,000. Finally, MorganRosel Wealth Management LLC acquired a new position in shares of ConocoPhillips during the first quarter worth about $42,000. 82.36% of the stock is currently owned by institutional investors.

Insider Activity

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were bought at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.24% of the company's stock.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $93.91 on Monday. The firm has a market cap of $118.72 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 2.44 and a beta of 0.67. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The business's 50 day moving average is $92.77 and its 200-day moving average is $93.59.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping 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 company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same quarter last year, the company earned $1.98 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. Equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a $0.78 dividend. The ex-dividend date is Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Analyst Ratings Changes

Several research analysts have recently weighed in on COP shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Raymond James Financial upped their price objective on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $123.00 price objective (up from $113.00) on shares of ConocoPhillips in a research report on Tuesday, July 15th. Royal Bank Of Canada decreased their price target on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research note on Friday, July 11th. Finally, Susquehanna decreased their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $120.63.

About ConocoPhillips

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.

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