LSV Asset Management lifted its stake in ConocoPhillips (NYSE:COP) by 159.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,600 shares of the energy producer’s stock after buying an additional 23,100 shares during the quarter. LSV Asset Management’s holdings in ConocoPhillips were worth $2,617,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. IMA Wealth Inc. purchased a new stake in shares of ConocoPhillips in the second quarter worth about $100,000. Acropolis Investment Management LLC purchased a new stake in shares of ConocoPhillips in the second quarter worth about $107,000. Centaurus Financial Inc. purchased a new stake in shares of ConocoPhillips in the first quarter worth about $104,000. Adviser Investments LLC boosted its stake in shares of ConocoPhillips by 139.4% in the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after buying an additional 1,139 shares during the last quarter. Finally, Bristol John W & Co. Inc. NY purchased a new stake in shares of ConocoPhillips in the first quarter worth about $142,000. Hedge funds and other institutional investors own 71.29% of the company’s stock.
In other ConocoPhillips news, SVP Janet Langford Kelly sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $72.37, for a total transaction of $3,618,500.00. Following the completion of the transaction, the senior vice president now owns 41,211 shares of the company’s stock, valued at $2,982,440.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Don E. Jr. Wallette sold 59,432 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the transaction, the insider now directly owns 83,047 shares of the company’s stock, valued at approximately $5,968,587.89. The disclosure for this sale can be found here. Insiders have sold 269,496 shares of company stock valued at $19,425,690 in the last three months. Insiders own 0.88% of the company’s stock.
COP has been the topic of a number of recent research reports. Argus set a $76.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research note on Friday, May 4th. Mizuho assumed coverage on ConocoPhillips in a research note on Friday, June 8th. They issued a “neutral” rating and a $73.00 target price on the stock. Sanford C. Bernstein raised ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 price target for the company in a report on Friday, June 8th. BMO Capital Markets assumed coverage on ConocoPhillips in a report on Monday, June 11th. They issued an “outperform” rating and a $78.00 price target for the company. Finally, Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a report on Wednesday, June 13th. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. ConocoPhillips presently has a consensus rating of “Buy” and a consensus price target of $71.47.
NYSE COP opened at $73.54 on Thursday. The stock has a market capitalization of $84.65 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 1.87 and a beta of 1.20. ConocoPhillips has a twelve month low of $42.42 and a twelve month 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 released its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The company 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 quarter in the prior year, the firm posted $0.14 EPS. equities research analysts expect that ConocoPhillips will post 4.32 EPS for the current year.
ConocoPhillips declared that its Board of Directors has approved a share repurchase plan on Thursday, July 12th that permits the company to buyback $9.00 billion in shares. This buyback authorization permits the energy producer to buy up to 10.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Monday, July 23rd will be issued a dividend of $0.285 per share. The ex-dividend date of this dividend is Friday, July 20th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.55%. ConocoPhillips’s payout ratio is currently 190.00%.
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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