Alambic Investment Management L.P. trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 41.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,840 shares of the energy producer’s stock after selling 54,300 shares during the period. Alambic Investment Management L.P.’s holdings in ConocoPhillips were worth $4,218,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. WFG Advisors LP lifted its position in shares of ConocoPhillips by 0.4% during the second quarter. WFG Advisors LP now owns 9,611 shares of the energy producer’s stock worth $423,000 after purchasing an additional 39 shares in the last quarter. Genesee Valley Trust Co. lifted its position in shares of ConocoPhillips by 0.6% during the second quarter. Genesee Valley Trust Co. now owns 7,095 shares of the energy producer’s stock worth $312,000 after purchasing an additional 45 shares in the last quarter. Girard Partners LTD. lifted its position in shares of ConocoPhillips by 0.6% during the second quarter. Girard Partners LTD. now owns 8,434 shares of the energy producer’s stock worth $371,000 after purchasing an additional 49 shares in the last quarter. First City Capital Management Inc. lifted its position in shares of ConocoPhillips by 1.4% during the second quarter. First City Capital Management Inc. now owns 5,459 shares of the energy producer’s stock worth $240,000 after purchasing an additional 75 shares in the last quarter. Finally, Whalerock Point Partners LLC lifted its position in shares of ConocoPhillips by 1.2% during the second quarter. Whalerock Point Partners LLC now owns 8,300 shares of the energy producer’s stock worth $365,000 after purchasing an additional 100 shares in the last quarter. 70.93% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ConocoPhillips (NYSE:COP) opened at $53.41 on Tuesday. The company has a quick ratio of 2.23, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. The stock has a market cap of $63,850.00, a price-to-earnings ratio of -82.17, a P/E/G ratio of 1.70 and a beta of 1.32. ConocoPhillips has a 12 month low of $42.26 and a 12 month high of $61.31.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.45. The business had revenue of $8.74 billion during the quarter, compared to analyst estimates of $7.70 billion. ConocoPhillips had a negative net margin of 2.04% and a positive return on equity of 2.78%. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. analysts expect that ConocoPhillips will post 2.79 EPS for the current year.
ConocoPhillips announced that its board has authorized a stock repurchase plan on Wednesday, November 8th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the energy producer to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Monday, February 12th will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, February 9th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s payout ratio is -163.08%.
In related news, Director Charles E. Bunch purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was acquired at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the purchase, the director now owns 3,429 shares in the company, valued at $178,513.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by insiders.
A number of research analysts have recently commented on COP shares. Royal Bank of Canada boosted their target price on shares of ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. Morgan Stanley boosted their target price on shares of ConocoPhillips from $48.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Cowen set a $70.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Thursday, January 18th. Credit Suisse Group started coverage on shares of ConocoPhillips in a research report on Monday, December 11th. They set a “neutral” rating and a $50.00 target price on the stock. Finally, Howard Weil cut shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price on the stock. in a research report on Friday, December 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $59.06.
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ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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