RPG Investment Advisory LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 33.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 85,171 shares of the energy producer’s stock after selling 42,672 shares during the quarter. ConocoPhillips comprises about 1.4% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 23rd biggest holding. RPG Investment Advisory LLC’s holdings in ConocoPhillips were worth $5,065,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in COP. Augustine Asset Management Inc. increased its position in shares of ConocoPhillips by 1.9% in the second 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 in the last quarter. Foster & Motley Inc. increased its position in shares of ConocoPhillips by 17.9% in the second quarter. Foster & Motley Inc. now owns 5,094 shares of the energy producer’s stock valued at $355,000 after buying an additional 774 shares in the last quarter. Bank of The Ozarks increased its position in shares of ConocoPhillips by 5.1% in the second quarter. Bank of The Ozarks now owns 16,257 shares of the energy producer’s stock valued at $1,132,000 after buying an additional 795 shares in the last quarter. Shufro Rose & Co. LLC increased its position in shares of ConocoPhillips by 8.1% in the first quarter. Shufro Rose & Co. LLC now owns 10,650 shares of the energy producer’s stock valued at $631,000 after buying an additional 800 shares in the last quarter. Finally, SVA Plumb Wealth Management LLC increased its position in shares of ConocoPhillips by 14.6% in the first quarter. SVA Plumb Wealth Management LLC now owns 6,391 shares of the energy producer’s stock valued at $320,000 after buying an additional 816 shares in the last quarter. Hedge funds and other institutional investors own 71.20% of the company’s stock.
ConocoPhillips opened at $71.94 on Friday, MarketBeat.com reports. The stock has a market cap of $83.38 billion, a P/E ratio of 119.90, a P/E/G ratio of 1.87 and a beta of 1.20. ConocoPhillips has a 52 week low of $42.26 and a 52 week high of $73.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter last year, the business posted $0.14 EPS. sell-side analysts forecast that ConocoPhillips will post 4.26 earnings per share for the current year.
ConocoPhillips announced that its Board of Directors has initiated a share repurchase program on Thursday, July 12th that allows the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization allows the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Monday, July 23rd will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Friday, July 20th. ConocoPhillips’s payout ratio is 190.00%.
In other ConocoPhillips news, SVP Janet Langford Kelly sold 49,496 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $71.00, for a total value of $3,514,216.00. Following the sale, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at approximately $2,925,981. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Glenda Mae Schwarz sold 6,763 shares of the firm’s stock in a transaction dated Friday, May 25th. The stock was sold at an average price of $65.04, for a total value of $439,865.52. Following the completion of the sale, the vice president now directly owns 10,182 shares in the company, valued at $662,237.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 120,947 shares of company stock worth $8,482,746. 0.88% of the stock is owned by corporate insiders.
COP has been the subject of a number of research analyst reports. Edward Jones cut ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Jefferies Financial Group cut ConocoPhillips from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $66.42 to $68.00 in a research report on Thursday, April 19th. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Thursday, April 19th. Macquarie cut ConocoPhillips from an “outperform” rating to a “neutral” rating in a research report on Thursday, April 26th. They noted that the move was a valuation call. Finally, TheStreet upgraded ConocoPhillips from a “c+” rating to a “b-” rating in a research report on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and an average target price of $70.63.
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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