Glenview Trust Co cut its stake in shares of ConocoPhillips (NYSE:COP) by 17.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,470 shares of the energy producer’s stock after selling 12,414 shares during the period. Glenview Trust Co’s holdings in ConocoPhillips were worth $3,155,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of ConocoPhillips by 7.8% in the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after buying an additional 6,197,896 shares during the last quarter. AJO LP lifted its position in shares of ConocoPhillips by 3,000.7% in the second quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock valued at $131,353,000 after buying an additional 2,891,652 shares during the last quarter. Boston Partners lifted its position in shares of ConocoPhillips by 41.6% in the fourth quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock valued at $449,252,000 after buying an additional 2,403,806 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of ConocoPhillips by 21.6% in the second quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock valued at $528,635,000 after buying an additional 2,134,292 shares during the last quarter. Finally, Brandywine Global Investment Management LLC lifted its position in shares of ConocoPhillips by 183.5% in the second quarter. Brandywine Global Investment Management LLC now owns 3,138,796 shares of the energy producer’s stock valued at $137,982,000 after buying an additional 2,031,830 shares during the last quarter. 70.49% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Charles E. Bunch acquired 2,000 shares of the stock in a transaction on Monday, December 11th. The shares were purchased at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the purchase, the director now directly owns 3,429 shares in the company, valued at $178,513.74. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.82% of the stock is owned by company insiders.
Shares of ConocoPhillips (NYSE:COP) opened at $54.65 on Tuesday. The firm has a market capitalization of $64,328.89, a P/E ratio of 74.86, a P/E/G ratio of 1.74 and a beta of 1.32. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.23 and a current ratio of 2.38. ConocoPhillips has a fifty-two week low of $42.26 and a fifty-two week high of $61.31.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. The business had revenue of $8.74 billion during the quarter, compared to analysts’ expectations of $7.70 billion. ConocoPhillips had a positive return on equity of 2.78% and a negative net margin of 2.04%. During the same period last year, the firm posted ($0.26) EPS. analysts predict that ConocoPhillips will post 2.85 earnings per share for the current year.
ConocoPhillips declared that its board has approved a share buyback program on Wednesday, November 8th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the energy producer to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be paid a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, February 9th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s dividend payout ratio (DPR) is -228.00%.
A number of research firms have recently issued reports on COP. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective for the company in a research report on Wednesday, January 10th. Credit Suisse Group began coverage on ConocoPhillips in a research report on Monday, December 11th. They issued a “neutral” rating and a $50.00 price objective for the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $63.00 price objective on shares of ConocoPhillips in a research report on Wednesday, January 24th. Macquarie began coverage on ConocoPhillips in a research report on Wednesday, January 17th. They issued an “outperform” rating for the company. Finally, Argus cut their price objective on ConocoPhillips from $65.00 to $54.54 and set a “buy” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $58.53.
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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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