Summit Financial LLC Purchases 2,701 Shares of ConocoPhillips $COP

Key Points

• Summit Financial LLC increased its holdings in ConocoPhillips by 9.6%, acquiring an additional 2,701 shares, bringing their total to 30,708 shares valued at approximately $3.23 million.
• An executive, Kirk L. Johnson, purchased 5,300 shares at an average price of $94.24, which led to a 57.44% increase in his ownership of the stock.
• ConocoPhillips announced a quarterly dividend of $0.78 per share, translating to an annualized dividend yield of 3.3%, with a payout ratio of 41.88%.

Summit Financial LLC raised its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 9.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,708 shares of the energy producer's stock after purchasing an additional 2,701 shares during the period. Summit Financial LLC's holdings in ConocoPhillips were worth $3,225,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of COP. TD Waterhouse Canada Inc. raised its position in ConocoPhillips by 111.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 30,460 shares of the energy producer's stock valued at $3,020,000 after purchasing an additional 16,086 shares in the last quarter. J. Safra Sarasin Holding AG raised its position in ConocoPhillips by 25.2% during the 4th quarter. J. Safra Sarasin Holding AG now owns 7,148 shares of the energy producer's stock valued at $709,000 after purchasing an additional 1,439 shares in the last quarter. IHT Wealth Management LLC raised its position in ConocoPhillips by 9.1% during the 4th quarter. IHT Wealth Management LLC now owns 10,124 shares of the energy producer's stock valued at $1,004,000 after purchasing an additional 848 shares in the last quarter. Dark Forest Capital Management LP raised its position in ConocoPhillips by 190.1% during the 4th quarter. Dark Forest Capital Management LP now owns 11,916 shares of the energy producer's stock valued at $1,182,000 after purchasing an additional 7,808 shares in the last quarter. Finally, MGO One Seven LLC raised its position in ConocoPhillips by 19.5% during the 4th quarter. MGO One Seven LLC now owns 21,037 shares of the energy producer's stock valued at $2,086,000 after purchasing an additional 3,437 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Stock Down 0.3%

Shares of COP stock opened at $94.5690 on Friday. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The stock's fifty day moving average price is $93.81 and its 200 day moving average price is $93.31. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The company has a market cap of $118.11 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 2.48 and a beta of 0.67.

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 the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same period in the previous year, the business earned $1.98 EPS. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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

Analysts Set New Price Targets

COP has been the subject of several recent research reports. Bank of America reduced their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. UBS Group boosted their price target on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday. Melius initiated coverage on ConocoPhillips in a research report on Wednesday. They issued a "hold" rating and a $117.00 price target for the company. Morgan Stanley reissued an "overweight" rating and issued a $123.00 price target (up from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Finally, Citigroup reduced their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.95.

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.

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