Teacher Retirement System of Texas grew its holdings in shares of ConocoPhillips (NYSE:COP) by 10.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 737,319 shares of the energy producer’s stock after acquiring an additional 69,953 shares during the period. Teacher Retirement System of Texas’ holdings in ConocoPhillips were worth $40,471,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in COP. BlackRock Inc. boosted its stake in ConocoPhillips by 7.8% in the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after acquiring an additional 6,197,896 shares during the period. AJO LP boosted its stake in ConocoPhillips by 3,000.7% in the second quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock valued at $131,353,000 after acquiring an additional 2,891,652 shares during the period. Boston Partners boosted its stake in ConocoPhillips by 41.6% in the fourth quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock valued at $449,252,000 after acquiring an additional 2,403,806 shares during the period. Franklin Resources Inc. boosted its stake in ConocoPhillips by 21.6% in the second quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock valued at $528,635,000 after acquiring an additional 2,134,292 shares during the period. Finally, Brandywine Global Investment Management LLC boosted its stake in ConocoPhillips by 183.5% in the second quarter. Brandywine Global Investment Management LLC now owns 3,138,796 shares of the energy producer’s stock valued at $137,982,000 after acquiring an additional 2,031,830 shares during the period. Institutional investors own 70.49% of the company’s stock.
In other ConocoPhillips news, Director Charles E. Bunch purchased 2,000 shares of the firm’s stock in a transaction on Monday, December 11th. The shares were purchased at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the transaction, the director now owns 3,429 shares in the company, valued at approximately $178,513.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.82% of the company’s stock.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results 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. The firm had revenue of $8.74 billion for the quarter, compared to analyst estimates of $7.70 billion. ConocoPhillips had a negative net margin of 2.04% and a positive return on equity of 2.78%. During the same quarter in the previous year, the business posted ($0.26) earnings per share. equities analysts forecast that ConocoPhillips will post 2.85 EPS for the current year.
ConocoPhillips declared that its board has authorized a stock repurchase program on Wednesday, November 8th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the energy producer to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be given a $0.285 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, February 9th. This represents a $1.14 annualized dividend and a yield of 2.09%. ConocoPhillips’s payout ratio is -228.00%.
A number of equities analysts have commented on the company. Piper Jaffray Companies restated a “buy” rating and issued a $63.00 target price on shares of ConocoPhillips in a research note on Wednesday, January 24th. Morgan Stanley lifted their price target on ConocoPhillips from $48.00 to $65.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. Macquarie began coverage on ConocoPhillips in a report on Wednesday, January 17th. They set an “outperform” rating on the stock. Cowen set a $70.00 price target on ConocoPhillips and gave the company a “buy” rating in a report on Thursday, January 18th. Finally, Barclays lifted their price target on ConocoPhillips from $59.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $58.53.
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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