Oppenheimer Asset Management Inc. boosted its holdings in ConocoPhillips (NYSE:COP) by 6.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 255,234 shares of the energy producer’s stock after acquiring an additional 15,118 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ConocoPhillips were worth $15,133,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in ConocoPhillips by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 12,943,419 shares of the energy producer’s stock valued at $709,009,000 after acquiring an additional 192,419 shares during the last quarter. Boston Partners raised its position in ConocoPhillips by 0.4% in the first quarter. Boston Partners now owns 8,213,737 shares of the energy producer’s stock valued at $486,992,000 after purchasing an additional 29,133 shares during the period. Schwab Charles Investment Management Inc. raised its position in ConocoPhillips by 0.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 6,473,796 shares of the energy producer’s stock valued at $383,832,000 after purchasing an additional 60,121 shares during the period. Lazard Asset Management LLC raised its position in ConocoPhillips by 35.7% in the fourth quarter. Lazard Asset Management LLC now owns 5,665,128 shares of the energy producer’s stock valued at $310,957,000 after purchasing an additional 1,490,618 shares during the period. Finally, Bessemer Group Inc. raised its position in ConocoPhillips by 0.7% in the fourth quarter. Bessemer Group Inc. now owns 4,927,160 shares of the energy producer’s stock valued at $270,452,000 after purchasing an additional 34,088 shares during the period. Hedge funds and other institutional investors own 71.21% of the company’s stock.
ConocoPhillips opened at $70.66 on Tuesday, MarketBeat Ratings reports. The firm has a market capitalization of $81.38 billion, a P/E ratio of 117.77, a price-to-earnings-growth ratio of 2.14 and a beta of 1.22. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.71 and a current ratio of 1.86. ConocoPhillips has a 12 month low of $42.26 and a 12 month high of $71.00.
ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, April 26th. The energy producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.74 by $0.22. The firm had revenue of $8.96 billion for the quarter, compared to analyst estimates of $8.68 billion. ConocoPhillips had a positive return on equity of 6.69% and a negative net margin of 1.64%. During the same quarter in the prior year, the company posted ($0.02) earnings per share. analysts predict that ConocoPhillips will post 3.6 EPS for the current fiscal year.
ConocoPhillips declared that its board has initiated a stock repurchase plan on Thursday, February 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the energy producer to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Monday, May 14th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, May 11th. ConocoPhillips’s dividend payout ratio (DPR) is presently 190.00%.
In related news, SVP Janet Langford Kelly sold 504 shares of the stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $71.00, for a total value of $35,784.00. Following the transaction, the senior vice president now owns 41,211 shares of the company’s stock, valued at $2,925,981. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Andrew D. Lundquist sold 25,000 shares of the company’s stock in a transaction on Thursday, March 29th. The shares were sold at an average price of $58.96, for a total transaction of $1,474,000.00. Following the completion of the transaction, the senior vice president now owns 27,353 shares of the company’s stock, valued at approximately $1,612,732.88. The disclosure for this sale can be found here. Insiders sold 252,793 shares of company stock worth $17,011,452 in the last three months. 0.88% of the stock is currently owned by corporate insiders.
A number of analysts have issued reports on COP shares. Royal Bank of Canada set a $70.00 target price on ConocoPhillips and gave the company a “buy” rating in a research report on Friday, April 13th. JPMorgan Chase boosted their target price on ConocoPhillips from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 9th. Scotiabank reissued a “buy” rating and issued a $64.00 target price on shares of ConocoPhillips in a research report on Monday, April 9th. Zacks Investment Research lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Friday, April 20th. Finally, UBS started coverage on ConocoPhillips in a research report on Wednesday, March 7th. They issued a “buy” rating and a $60.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $63.50.
ConocoPhillips Company Profile
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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