Gabelli Funds LLC lifted its holdings in ConocoPhillips (NYSE:COP) by 9.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 538,172 shares of the energy producer’s stock after buying an additional 45,600 shares during the period. Gabelli Funds LLC’s holdings in ConocoPhillips were worth $41,655,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. IMA Wealth Inc. bought a new stake in shares of ConocoPhillips in the 2nd quarter worth about $100,000. Acropolis Investment Management LLC bought a new position in ConocoPhillips during the 2nd quarter valued at about $107,000. Palo Capital Inc. bought a new position in ConocoPhillips during the 3rd quarter valued at about $131,000. Adviser Investments LLC grew its holdings in ConocoPhillips by 139.4% during the 2nd quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after purchasing an additional 1,139 shares during the last quarter. Finally, Lucia Wealth Services LLC grew its holdings in ConocoPhillips by 541.3% during the 2nd quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock valued at $157,000 after purchasing an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.
In other news, SVP Janet Langford Kelly sold 50,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the senior vice president now 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 Securities & Exchange Commission, which is available through the SEC website. Also, VP Glenda Mae Schwarz sold 18,882 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was 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 of the company’s stock, valued at approximately $2,067,903.60. The disclosure for this sale can be found here. Insiders sold a total of 288,378 shares of company stock worth $20,769,145 over the last 90 days. Insiders own 0.88% of the company’s stock.
Several brokerages recently commented on COP. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a report on Thursday, August 23rd. ValuEngine downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. Mizuho reiterated a “hold” rating and set a $82.00 price target on shares of ConocoPhillips in a report on Monday, October 22nd. Barclays upped 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. Finally, JPMorgan Chase & Co. upped 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 investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $75.53.
Shares of COP stock opened at $69.50 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.99. The stock has a market capitalization of $78.10 billion, a price-to-earnings ratio of 115.83, a P/E/G ratio of 1.58 and a beta of 1.22. ConocoPhillips has a one year low of $48.97 and a one year high of $80.24.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 25th. The energy producer reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.19. The business had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.48 billion. ConocoPhillips had a net margin of 16.08% and a return on equity of 14.62%. On average, equities analysts forecast that ConocoPhillips will post 4.76 EPS for the current fiscal year.
ConocoPhillips announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 12th that allows the company to repurchase $9.00 billion in shares. This repurchase authorization allows the energy producer to buy up to 10.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be paid a $0.305 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.29. This represents a $1.22 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Friday, October 12th. ConocoPhillips’s dividend payout ratio is currently 203.33%.
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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