Private Advisor Group LLC Grows Position in ConocoPhillips (COP)

Private Advisor Group LLC boosted its holdings in ConocoPhillips (NYSE:COP) by 42.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,498 shares of the energy producer’s stock after purchasing an additional 20,870 shares during the quarter. Private Advisor Group LLC’s holdings in ConocoPhillips were worth $5,379,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in COP. Impax Asset Management LLC raised its position in ConocoPhillips by 0.5% during the 2nd quarter. Impax Asset Management LLC now owns 241,107 shares of the energy producer’s stock worth $16,786,000 after buying an additional 1,108 shares during the last quarter. Signature Financial Management Inc. purchased a new position in ConocoPhillips during the 2nd quarter worth $303,000. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in ConocoPhillips by 2.3% during the 2nd quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 88,826 shares of the energy producer’s stock worth $6,184,000 after buying an additional 2,000 shares during the last quarter. Frontier Investment Mgmt Co. raised its position in ConocoPhillips by 17.2% during the 2nd quarter. Frontier Investment Mgmt Co. now owns 6,006 shares of the energy producer’s stock worth $418,000 after buying an additional 882 shares during the last quarter. Finally, Putnam Investments LLC raised its position in ConocoPhillips by 10.4% during the 2nd quarter. Putnam Investments LLC now owns 5,686,497 shares of the energy producer’s stock worth $395,894,000 after buying an additional 535,141 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. Barclays increased their price target on shares of ConocoPhillips from $78.00 to $84.00 and gave the company an “overweight” rating in a report on Wednesday, July 11th. Morgan Stanley assumed coverage on shares of ConocoPhillips in a report on Thursday, July 12th. They issued an “overweight” rating and a $82.00 price target for the company. Royal Bank of Canada increased their price target on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, July 23rd. Mizuho reiterated a “hold” rating on shares of ConocoPhillips in a report on Tuesday, July 24th. Finally, JPMorgan Chase & Co. increased their price target on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, July 27th. Eight analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $75.53.

In related news, SVP Janet Langford Kelly sold 50,000 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $72.37, for a total value of $3,618,500.00. Following the sale, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at approximately $2,982,440.07. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Glenda Mae Schwarz sold 18,882 shares of the stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the completion of the sale, the vice president now directly owns 29,064 shares in the company, valued at $2,067,903.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 288,378 shares of company stock worth $20,769,145. 0.88% of the stock is owned by corporate insiders.

Shares of NYSE COP opened at $69.50 on Wednesday. The stock has a market capitalization of $78.10 billion, a P/E ratio of 115.83, a price-to-earnings-growth ratio of 1.58 and a beta of 1.22. ConocoPhillips has a 52 week low of $48.97 and a 52 week high of $80.24. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.99.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 25th. The energy producer reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.19. The firm had revenue of $10.17 billion for the quarter, compared to analysts’ expectations of $9.48 billion. ConocoPhillips had a net margin of 16.08% and a return on equity of 14.62%. As a group, equities research analysts expect that ConocoPhillips will post 4.76 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be paid a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 1.76%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Friday, October 12th. ConocoPhillips’s dividend payout ratio is presently 203.33%.

ConocoPhillips announced that its Board of Directors has approved a share buyback plan on Thursday, July 12th that allows the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization allows the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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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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