Chemical Bank reduced its position in shares of ConocoPhillips (NYSE:COP) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 40,667 shares of the energy producer’s stock after selling 982 shares during the quarter. Chemical Bank’s holdings in ConocoPhillips were worth $2,232,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in shares of ConocoPhillips by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 12,943,419 shares of the energy producer’s stock worth $709,009,000 after acquiring an additional 192,419 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of ConocoPhillips by 3.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 10,608,598 shares of the energy producer’s stock worth $530,960,000 after acquiring an additional 309,683 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of ConocoPhillips by 4.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 8,805,037 shares of the energy producer’s stock worth $440,689,000 after acquiring an additional 407,471 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of ConocoPhillips by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,555,478 shares of the energy producer’s stock worth $428,199,000 after acquiring an additional 26,579 shares in the last quarter. Finally, Boston Partners boosted its stake in shares of ConocoPhillips by 41.6% during the 4th quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock worth $449,252,000 after acquiring an additional 2,403,806 shares in the last quarter. 71.14% of the stock is owned by hedge funds and other institutional investors.
Shares of COP stock opened at $57.74 on Friday. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.56. ConocoPhillips has a 1-year low of $42.26 and a 1-year high of $61.31. The stock has a market capitalization of $66,997.93, a price-to-earnings ratio of -115.48, a PEG ratio of 1.68 and a beta of 1.33.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, February 1st. The energy producer reported $0.45 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. ConocoPhillips had a positive return on equity of 2.81% and a negative net margin of 2.04%. The business had revenue of $8.74 billion during the quarter, compared to analyst estimates of $7.70 billion. During the same period last year, the company earned ($0.26) earnings per share. sell-side analysts expect that ConocoPhillips will post 2.91 EPS for the current fiscal year.
ConocoPhillips announced that its Board of Directors has initiated a stock buyback program on Thursday, February 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the energy producer to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Monday, February 12th were issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 1.97%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, February 9th. ConocoPhillips’s dividend payout ratio (DPR) is currently -228.00%.
Several research firms have recently weighed in on COP. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective for the company in a research note on Wednesday, January 10th. Credit Suisse Group began coverage on ConocoPhillips in a research note on Monday, December 11th. They set a “neutral” rating and a $50.00 price objective for the company. Barclays set a $71.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research note on Sunday, March 4th. Piper Jaffray Companies reissued a “buy” rating and set a $63.00 price objective on shares of ConocoPhillips in a research note on Wednesday, January 24th. Finally, Macquarie began coverage on ConocoPhillips in a research note on Wednesday, January 17th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $58.75.
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ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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