Independence Bank of Kentucky Purchases 3,536 Shares of ConocoPhillips (NYSE:COP)

Independence Bank of Kentucky lifted its position in shares of ConocoPhillips (NYSE:COP) by 51.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,344 shares of the energy producer’s stock after purchasing an additional 3,536 shares during the period. Independence Bank of Kentucky’s holdings in ConocoPhillips were worth $1,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in COP. Albion Financial Group UT increased its position in ConocoPhillips by 876.9% in the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after acquiring an additional 228 shares during the period. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips in the third quarter worth $26,000. Reston Wealth Management LLC acquired a new stake in ConocoPhillips in the third quarter valued at $31,000. Truvestments Capital LLC bought a new position in ConocoPhillips during the 3rd quarter worth $31,000. Finally, Global Wealth Strategies & Associates lifted its holdings in ConocoPhillips by 80.5% during the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock worth $34,000 after buying an additional 153 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $98.70 on Friday. ConocoPhillips has a twelve month low of $94.23 and a twelve month high of $135.18. The stock’s 50 day moving average is $101.82 and its 200-day moving average is $106.71. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $113.59 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 0.78 and a beta of 1.19.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period last year, the firm earned $2.16 earnings per share. Sell-side analysts forecast that ConocoPhillips will post 7.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Arjun N. Murti acquired 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was purchased at an average cost of $95.87 per share, with a total value of $239,675.00. Following the acquisition, the director now owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. This trade represents a 13.16 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director R A. Walker bought 10,400 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was bought at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the acquisition, the director now directly owns 38,000 shares of the company’s stock, valued at approximately $3,716,400. This represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

COP has been the subject of several recent research reports. BMO Capital Markets increased their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Susquehanna raised their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a report on Friday, November 1st. TD Cowen began coverage on shares of ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 price objective on the stock. Truist Financial increased their price objective on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $123.00 in a report on Thursday, December 5th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, ConocoPhillips has an average rating of “Buy” and a consensus price target of $135.89.

ConocoPhillips 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.