Montecito Bank & Trust Acquires 5,770 Shares of ConocoPhillips $COP

Montecito Bank & Trust lifted its holdings in shares of ConocoPhillips (NYSE:COP) by 43.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,199 shares of the energy producer’s stock after purchasing an additional 5,770 shares during the period. Montecito Bank & Trust’s holdings in ConocoPhillips were worth $2,403,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of COP. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of ConocoPhillips during the fourth quarter valued at $25,000. Frazier Financial Advisors LLC increased its position in ConocoPhillips by 151.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Allied Private Wealth LLC acquired a new position in ConocoPhillips in the 2nd quarter valued at about $32,000. Evergreen Advisors LLC acquired a new position in ConocoPhillips in the 1st quarter valued at about $36,000. Finally, Ballast Advisors LLC purchased a new position in ConocoPhillips in the 1st quarter valued at about $36,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

COP has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Roth Capital raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $124.00 to $130.00 in a research note on Monday, June 22nd. Barclays cut their price target on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, Susquehanna increased their price target on ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $141.24.

Insider Activity at ConocoPhillips

In other news, SVP Andrew Lundquist sold 9,487 shares of the firm’s stock in a transaction 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 transaction, the senior vice president owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.09% of the company’s stock.

Key Headlines Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Long-term LNG agreement adds future market access. ConocoPhillips agreed to purchase 1 million tonnes per year of LNG from Venture Global for 20 years beginning in 2030. The deal could strengthen COP’s ability to serve global gas markets and secure long-term supply, although the earnings benefit is several years away. ConocoPhillips signs 20-year LNG deal with Venture Global
• Positive Sentiment: Potential asset sale could sharpen the portfolio. ConocoPhillips is reviewing an unsolicited offer for its Norway business and the U.K. Teesside asset. A sale could generate cash, reduce exposure to mature North Sea properties and allow capital to be redirected toward higher-return projects. The financial terms and likelihood of a transaction remain unknown. ConocoPhillips explores sale of Norway business and UK Teesside asset
• Neutral Sentiment: Investors are awaiting details on the proposed divestiture. Management said it is evaluating the offer rather than formally announcing a sale. While monetizing the assets may support capital returns, losing their production and cash flow could offset some of the benefit. ConocoPhillips Receives Offer for Norway Assets, UK Oil Terminal
• Negative Sentiment: Sector conditions remain a headwind. Energy stocks weakened broadly in premarket trading, which could limit COP’s upside despite its company-specific LNG announcement. The stock nevertheless outpaced the broader market in the latest session. Sector Update: Energy Stocks Fall Premarket Thursday

ConocoPhillips Trading Up 1.5%

ConocoPhillips stock traded up $1.82 during midday trading on Thursday, reaching $126.97. The stock had a trading volume of 6,069,611 shares, compared to its average volume of 8,204,200. The stock’s 50-day simple moving average is $128.02 and its 200 day simple moving average is $121.73. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $141.62. 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 stock has a market capitalization of $152.53 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 1.32 and a beta of 0.13.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) 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 the consensus estimate of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company’s revenue was up 32.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 EPS. Analysts expect that ConocoPhillips will post 10.54 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a $0.84 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. ConocoPhillips’s dividend payout ratio is presently 44.44%.

About ConocoPhillips

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.