SummitTX Capital L.P. Buys New Shares in ConocoPhillips $COP

SummitTX Capital L.P. purchased a new position in shares of ConocoPhillips (NYSE:COP) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,432 shares of the energy producer’s stock, valued at approximately $717,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Patten Group Inc. lifted its position in ConocoPhillips by 1.5% in the 1st quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after buying an additional 83 shares during the last quarter. IFC Advisors LLC boosted its stake in ConocoPhillips by 0.4% in the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock worth $2,664,000 after buying an additional 84 shares in the last quarter. Cornerstone Planning Group LLC grew its position in ConocoPhillips by 9.6% during the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer’s stock valued at $124,000 after acquiring an additional 88 shares during the last quarter. Blue Trust Inc. grew its position in ConocoPhillips by 0.4% during the first quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock valued at $2,791,000 after acquiring an additional 92 shares during the last quarter. Finally, Sigma Planning Corp raised its stake in shares of ConocoPhillips by 0.6% during the first quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock worth $2,120,000 after acquiring an additional 94 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group upped their price objective on shares of ConocoPhillips from $160.00 to $161.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Sanford C. Bernstein boosted their price target on shares of ConocoPhillips from $98.00 to $121.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Scotiabank upped their price target on shares of ConocoPhillips from $100.00 to $125.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Barclays increased their target price on ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Finally, Royal Bank Of Canada set a $130.00 price target on ConocoPhillips in a research report on Monday, June 22nd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.16.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $118.94 on Friday. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.87. The stock has a market capitalization of $144.90 billion, a P/E ratio of 20.19, a P/E/G ratio of 1.43 and a beta of 0.12. The company’s 50-day moving average is $112.98 and its 200 day moving average is $114.89. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The company had revenue of $15.76 billion for the quarter, compared to analyst estimates of $15.62 billion. During the same period in the previous year, the company posted $2.09 earnings per share. The firm’s revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts expect that ConocoPhillips will post 9.2 earnings per share for the current year.

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.