Berkshire Asset Management LLC PA Decreases Holdings in ConocoPhillips (COP)

Berkshire Asset Management LLC PA trimmed its holdings in ConocoPhillips (NYSE:COP) by 3.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,345 shares of the energy producer’s stock after selling 845 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in ConocoPhillips were worth $2,039,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Abbrea Capital LLC raised its position in shares of ConocoPhillips by 4.6% during the 2nd quarter. Abbrea Capital LLC now owns 16,086 shares of the energy producer’s stock valued at $1,120,000 after buying an additional 705 shares during the period. BKD Wealth Advisors LLC raised its position in shares of ConocoPhillips by 1.0% during the 3rd quarter. BKD Wealth Advisors LLC now owns 69,862 shares of the energy producer’s stock valued at $5,407,000 after buying an additional 725 shares during the period. Augustine Asset Management Inc. raised its position in shares of ConocoPhillips by 1.9% during the 2nd quarter. Augustine Asset Management Inc. now owns 38,754 shares of the energy producer’s stock valued at $2,698,000 after buying an additional 726 shares during the period. Mutual of America Capital Management LLC raised its position in shares of ConocoPhillips by 0.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 151,049 shares of the energy producer’s stock valued at $10,516,000 after buying an additional 741 shares during the period. Finally, HPM Partners LLC raised its position in shares of ConocoPhillips by 4.3% during the 2nd quarter. HPM Partners LLC now owns 17,804 shares of the energy producer’s stock valued at $1,240,000 after buying an additional 742 shares during the period. 71.29% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently commented on COP. BMO Capital Markets lifted their price target on shares of ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, July 27th. Mizuho reaffirmed a “hold” rating on shares of ConocoPhillips in a research report on Tuesday, July 24th. Morgan Stanley lowered shares of ConocoPhillips to a “hold” rating in a research report on Tuesday, October 2nd. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a research report on Monday, October 8th. Finally, Goldman Sachs Group lowered shares of ConocoPhillips from a “buy” rating to a “neutral” rating in a research report on Monday, October 1st. Eight equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $74.05.

ConocoPhillips stock opened at $73.83 on Friday. ConocoPhillips has a fifty-two week low of $48.97 and a fifty-two week high of $80.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58. The company has a market capitalization of $89.95 billion, a P/E ratio of 123.05, a P/E/G ratio of 1.95 and a beta of 1.23.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. The firm had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.79 billion. During the same quarter last year, the firm earned $0.14 EPS. On average, sell-side analysts expect that ConocoPhillips will post 4.41 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be issued a $0.305 dividend. This represents a $1.22 annualized dividend and a yield of 1.65%. The ex-dividend date is Friday, October 12th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s dividend payout ratio (DPR) is 190.00%.

ConocoPhillips announced that its board has authorized a stock buyback plan on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to buy up to 10.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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

ConocoPhillips 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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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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