Signature Financial Management Inc. Buys New Stake in ConocoPhillips (COP)

Signature Financial Management Inc. bought a new position in ConocoPhillips (NYSE:COP) in the 2nd quarter, HoldingsChannel reports. The firm bought 4,340 shares of the energy producer’s stock, valued at approximately $303,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. IMA Wealth Inc. purchased a new stake in shares of ConocoPhillips in the second quarter worth about $100,000. Acropolis Investment Management LLC acquired a new position in shares of ConocoPhillips in the second quarter worth about $107,000. Adviser Investments LLC lifted its stake in shares of ConocoPhillips by 139.4% in the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after acquiring an additional 1,139 shares in the last quarter. Bristol John W & Co. Inc. NY acquired a new position in shares of ConocoPhillips in the first quarter worth about $142,000. Finally, Lucia Wealth Services LLC lifted its stake in shares of ConocoPhillips by 541.3% in the second quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock worth $157,000 after acquiring an additional 1,900 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Shares of NYSE COP opened at $73.50 on Monday. ConocoPhillips has a 52-week low of $45.78 and a 52-week high of $74.43. The company has a market cap of $83.64 billion, a price-to-earnings ratio of 122.50, a PEG ratio of 1.84 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.58 and a current ratio of 1.75.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. ConocoPhillips had a return on equity of 10.26% and a net margin of 13.26%. The firm had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter in the prior year, the firm posted $0.14 earnings per share. equities research analysts predict that ConocoPhillips will post 4.35 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Monday, July 23rd were paid a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, July 20th. ConocoPhillips’s payout ratio is currently 190.00%.

ConocoPhillips announced that its Board of Directors has authorized a share repurchase program on Thursday, July 12th that authorizes the company to buyback $9.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to purchase up to 10.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Several research analysts recently commented on COP shares. Bank of America cut ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Thursday, September 6th. Jefferies Financial Group reiterated a “hold” rating and issued a $80.00 price target on shares of ConocoPhillips in a research note on Wednesday, August 15th. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research note on Thursday, August 23rd. BMO Capital Markets started coverage on ConocoPhillips in a research note on Monday, June 11th. They issued an “outperform” rating and a $78.00 price target on the stock. Finally, Royal Bank of Canada boosted their price target on ConocoPhillips from $82.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, July 23rd. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $71.90.

In other ConocoPhillips news, VP Glenda Mae Schwarz sold 18,882 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the sale, the vice president now owns 29,064 shares in the company, valued at $2,067,903.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ryan Michael Lance sold 160,064 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $72.07, for a total value of $11,535,812.48. Following the sale, the chairman now owns 106,312 shares in the company, valued at approximately $7,661,905.84. The disclosure for this sale can be found here. Insiders have sold 288,378 shares of company stock worth $20,769,145 in the last 90 days. 0.88% of the stock is currently owned by insiders.

ConocoPhillips Company Profile

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate and Other.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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