First Trust Advisors LP raised its stake in ConocoPhillips (NYSE:COP) by 1.4% during the 2nd quarter, Holdings Channel reports. The firm owned 226,054 shares of the energy producer’s stock after acquiring an additional 3,104 shares during the period. First Trust Advisors LP’s holdings in ConocoPhillips were worth $15,738,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in the business. Boston Partners grew its stake in shares of ConocoPhillips by 0.4% in the 1st 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 last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of ConocoPhillips by 0.9% in the 1st 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 last quarter. Prudential Financial Inc. grew its stake in shares of ConocoPhillips by 35.2% in the 1st quarter. Prudential Financial Inc. now owns 4,926,665 shares of the energy producer’s stock valued at $292,101,000 after purchasing an additional 1,282,558 shares during the last quarter. Millennium Management LLC grew its stake in shares of ConocoPhillips by 77.9% in the 1st quarter. Millennium Management LLC now owns 4,136,386 shares of the energy producer’s stock valued at $245,246,000 after purchasing an additional 1,811,555 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of ConocoPhillips by 4.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,084,591 shares of the energy producer’s stock valued at $284,369,000 after purchasing an additional 189,423 shares during the last quarter. Institutional investors own 71.47% of the company’s stock.
COP has been the topic of a number of analyst reports. Jefferies Financial Group restated 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 $78.00 price target on the stock in a research note on Wednesday, June 13th. BMO Capital Markets lifted their price target on ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 27th. Barclays lifted their price target on ConocoPhillips from $71.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, April 27th. Finally, Sanford C. Bernstein upgraded ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 price target on the stock in a research note on Friday, June 8th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $71.32.
In related news, SVP Janet Langford Kelly sold 49,496 shares of ConocoPhillips stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $71.00, for a total transaction of $3,514,216.00. Following the completion of the transaction, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at $2,925,981. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Glenda Mae Schwarz sold 6,763 shares of ConocoPhillips stock in a transaction on Friday, May 25th. The stock was sold at an average price of $65.04, for a total value of $439,865.52. Following the transaction, the vice president now directly owns 10,182 shares of the company’s stock, valued at $662,237.28. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.
Shares of COP stock opened at $69.77 on Monday. The firm has a market cap of $83.60 billion, a P/E ratio of 116.28, a PEG ratio of 1.88 and a beta of 1.20. ConocoPhillips has a 1 year low of $42.26 and a 1 year high of $73.75. The company has a quick ratio of 1.58, a current ratio of 1.75 and a debt-to-equity ratio of 0.48.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. The firm had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. ConocoPhillips had a return on equity of 10.26% and a net margin of 13.26%. During the same period in the previous year, the firm posted $0.14 earnings per share. research analysts predict that ConocoPhillips will post 4.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Monday, July 23rd will be issued a dividend of $0.285 per share. The ex-dividend date is Friday, July 20th. This represents a $1.14 annualized dividend and a yield of 1.63%. ConocoPhillips’s dividend payout ratio is presently 190.00%.
ConocoPhillips declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 12th that permits the company to buyback $9.00 billion in shares. This buyback authorization permits the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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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