B.A. Schrock Wealth Management Inc. Purchases 6,831 Shares of ConocoPhillips $COP

B.A. Schrock Wealth Management Inc. acquired a new position in shares of ConocoPhillips (NYSE:COP) in the third quarter, HoldingsChannel reports. The fund acquired 6,831 shares of the energy producer’s stock, valued at approximately $855,000.

A number of other institutional investors have also made changes to their positions in the stock. State Street Corp lifted its stake in ConocoPhillips by 73.2% in the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after buying an additional 50,116,727 shares during the period. Bank of America Corp DE bought a new position in ConocoPhillips during the second quarter worth about $1,260,482,000. Primecap Management Co. CA bought a new position in ConocoPhillips during the second quarter worth about $1,204,726,000. Legal & General Group Plc bought a new position in ConocoPhillips during the second quarter worth about $716,151,000. Finally, Jupiter Topco LLC acquired a new position in shares of ConocoPhillips during the 2nd quarter worth about $427,954,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COP has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on ConocoPhillips from $147.00 to $151.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Wells Fargo & Company lifted their price objective on shares of ConocoPhillips from $183.00 to $189.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Raymond James Financial reissued an “underperform” rating and set a $168.00 price objective on shares of ConocoPhillips in a research note on Monday, August 24th. Jefferies Financial Group boosted their price objective on shares of ConocoPhillips from $159.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Finally, Truist Financial upped their target price on shares of ConocoPhillips from $130.00 to $136.00 and gave the company a “hold” rating in a research note on Wednesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average target price of $143.29.

Insider Activity

In other news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction that occurred 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 sale, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by company insiders.

ConocoPhillips Stock Performance

Shares of COP opened at $142.34 on Thursday. The firm has a market cap of $171.00 billion, a P/E ratio of 18.83, a PEG ratio of 1.44 and a beta of 0.24. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $142.55. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The firm’s 50 day moving average price is $131.03 and its two-hundred day moving average price is $122.22.

ConocoPhillips (NYSE:COP) last announced its earnings results 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. The firm had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.42 EPS. On average, analysts forecast that ConocoPhillips will post 10.84 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

ConocoPhillips 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.