Honeywell International Inc. reduced its stake in ConocoPhillips (NYSE:COP) by 10.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 249,700 shares of the energy producer’s stock after selling 30,600 shares during the quarter. Honeywell International Inc.’s holdings in ConocoPhillips were worth $17,384,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. IMA Wealth Inc. bought a new position in ConocoPhillips in the 2nd quarter worth $100,000. Centaurus Financial Inc. bought a new stake in ConocoPhillips during the first quarter valued at about $104,000. Acropolis Investment Management LLC bought a new stake in ConocoPhillips during the second quarter valued at about $107,000. Adviser Investments LLC raised its holdings in ConocoPhillips by 139.4% during the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after acquiring an additional 1,139 shares during the period. Finally, Bristol John W & Co. Inc. NY bought a new stake in ConocoPhillips during the first quarter valued at about $142,000. 71.47% of the stock is currently owned by institutional investors.
A number of research firms have commented on COP. Morgan Stanley raised their price target on ConocoPhillips from $83.00 to $84.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets raised their price target on ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, July 27th. Jefferies Financial Group reissued a “hold” rating and set a $80.00 price target on shares of ConocoPhillips in a report on Wednesday, August 15th. Mizuho reissued a “hold” rating on shares of ConocoPhillips in a report on Tuesday, July 24th. Finally, Macquarie cut ConocoPhillips from an “outperform” rating to a “neutral” rating in a report on Thursday, April 26th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $71.32.
In related news, SVP Janet Langford Kelly sold 49,496 shares of ConocoPhillips 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 completion of the transaction, the senior vice president now owns 41,211 shares in the company, valued at $2,925,981. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Glenda Mae Schwarz sold 6,763 shares of ConocoPhillips 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 transaction, the vice president now owns 10,182 shares of the company’s stock, valued at approximately $662,237.28. The disclosure for this sale can be found here. Company insiders own 0.88% of the company’s stock.
Shares of COP stock opened at $69.77 on Monday. ConocoPhillips has a 12-month low of $42.26 and a 12-month high of $73.75. The company has a current ratio of 1.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $83.60 billion, a PE ratio of 116.28, a PEG ratio of 1.88 and a beta of 1.20.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the firm posted $0.14 earnings per share. analysts predict that ConocoPhillips will post 4.26 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Monday, July 23rd will be given a $0.285 dividend. The ex-dividend date of this dividend is Friday, July 20th. This represents a $1.14 annualized dividend and a yield of 1.63%. ConocoPhillips’s dividend payout ratio is currently 190.00%.
ConocoPhillips declared that its board has approved a stock buyback program 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 programs are usually an indication that the company’s management believes its stock is undervalued.
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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