Smith Salley Wealth Management Boosts Stake in ConocoPhillips $COP

Smith Salley Wealth Management grew its holdings in shares of ConocoPhillips (NYSE:COP) by 175.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,254 shares of the energy producer’s stock after acquiring an additional 16,077 shares during the period. Smith Salley Wealth Management’s holdings in ConocoPhillips were worth $2,389,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of COP. Focus Partners Advisor Solutions LLC boosted its stake in shares of ConocoPhillips by 41.6% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 50,314 shares of the energy producer’s stock valued at $5,284,000 after buying an additional 14,791 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in ConocoPhillips by 12.2% in the first quarter. EP Wealth Advisors LLC now owns 51,268 shares of the energy producer’s stock valued at $5,384,000 after acquiring an additional 5,571 shares in the last quarter. Dark Forest Capital Management LP boosted its stake in ConocoPhillips by 654.0% during the 1st quarter. Dark Forest Capital Management LP now owns 89,849 shares of the energy producer’s stock valued at $9,436,000 after acquiring an additional 77,933 shares during the last quarter. Perbak Capital Partners LLP acquired a new position in ConocoPhillips during the 1st quarter worth $371,000. Finally, Federation des caisses Desjardins du Quebec increased its position in shares of ConocoPhillips by 43.1% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 150,517 shares of the energy producer’s stock worth $15,808,000 after purchasing an additional 45,298 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Up 1.6%

ConocoPhillips stock opened at $94.14 on Wednesday. The company has a 50-day simple moving average of $90.31 and a 200-day simple moving average of $92.48. ConocoPhillips has a one year low of $79.88 and a one year high of $106.20. The firm has a market capitalization of $116.33 billion, a P/E ratio of 13.31, a P/E/G ratio of 2.10 and a beta of 0.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The business had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.51 billion. During the same period in the previous year, the firm posted $1.78 earnings per share. The business’s revenue was up 14.1% on a year-over-year basis. As a group, equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio is 47.52%.

Analyst Ratings Changes

COP has been the topic of several research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price target on shares of ConocoPhillips in a research report on Monday, November 24th. The Goldman Sachs Group dropped their price target on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Sanford C. Bernstein raised their price objective on ConocoPhillips from $115.00 to $116.00 and gave the stock an “outperform” rating in a research note on Friday, November 21st. Jefferies Financial Group reiterated a “buy” rating on shares of ConocoPhillips in a research note on Monday, December 15th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of ConocoPhillips in a research report on Monday. Nineteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Insider Activity

In related news, CEO Ryan Michael Lance sold 500,708 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $92.50, for a total transaction of $46,315,490.00. Following the transaction, the chief executive officer owned 325,972 shares in the company, valued at $30,152,410. This trade represents a 60.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Mcraven bought 5,768 shares of the business’s stock in a transaction on Monday, November 10th. The stock was purchased at an average price of $86.68 per share, with a total value of $499,970.24. Following the completion of the transaction, the director directly owned 5,768 shares of the company’s stock, valued at $499,970.24. This trade represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.24% of the stock is currently owned by company insiders.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.