OLD National Bancorp IN Reduces Position in ConocoPhillips (COP)

OLD National Bancorp IN reduced its holdings in ConocoPhillips (NYSE:COP) by 9.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 20,785 shares of the energy producer’s stock after selling 2,143 shares during the period. OLD National Bancorp IN’s holdings in ConocoPhillips were worth $1,141,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Freestone Capital Holdings LLC increased its position in ConocoPhillips by 78.7% in the 2nd quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock valued at $354,000 after acquiring an additional 3,543 shares during the period. Toronto Dominion Bank increased its position in shares of ConocoPhillips by 16.1% during the second quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock worth $27,092,000 after buying an additional 85,538 shares during the period. Korea Investment CORP increased its position in shares of ConocoPhillips by 32.8% during the third quarter. Korea Investment CORP now owns 1,026,000 shares of the energy producer’s stock worth $51,351,000 after buying an additional 253,600 shares during the period. MUFG Securities EMEA plc acquired a new stake in shares of ConocoPhillips during the second quarter worth $26,376,000. Finally, Intact Investment Management Inc. increased its position in shares of ConocoPhillips by 94.3% during the third quarter. Intact Investment Management Inc. now owns 10,300 shares of the energy producer’s stock worth $515,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 70.49% of the company’s stock.

In related news, Director Charles E. Bunch purchased 2,000 shares of ConocoPhillips stock in a transaction on Monday, December 11th. The stock was acquired at an average cost of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the acquisition, the director now owns 3,429 shares of the company’s stock, valued at approximately $178,513.74. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.82% of the company’s stock.

Several research firms have recently weighed in on COP. Piper Jaffray Companies reiterated a “buy” rating and set a $63.00 price objective on shares of ConocoPhillips in a research report on Wednesday, January 24th. Morgan Stanley increased their price objective 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. Macquarie began coverage on shares of ConocoPhillips in a research report on Wednesday, January 17th. They set an “outperform” rating for the company. Cowen set a $70.00 price objective on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Thursday, January 18th. Finally, Barclays increased their price objective on shares of ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. ConocoPhillips currently has a consensus rating of “Buy” and an average price target of $58.53.

Shares of ConocoPhillips (COP) opened at $54.84 on Wednesday. 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 company has a market cap of $64,328.89, a price-to-earnings ratio of -109.68, a price-to-earnings-growth ratio of 1.74 and a beta of 1.32. ConocoPhillips has a twelve month low of $42.26 and a twelve month high of $61.31.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates 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 negative net margin of 2.04% and a positive return on equity of 2.78%. During the same period last year, the company posted ($0.26) earnings per share. equities analysts predict that ConocoPhillips will post 2.85 EPS for the current fiscal year.

ConocoPhillips announced that its board has approved a share repurchase program on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the energy producer to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 2.08%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, February 9th. ConocoPhillips’s dividend payout ratio (DPR) is presently -228.00%.

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About ConocoPhillips

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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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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