Financial Advocates Investment Management purchased a new position in shares of ConocoPhillips (NYSE:COP) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 16,127 shares of the energy producer’s stock, valued at approximately $885,000.
Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 192,419 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in 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 purchasing an additional 309,683 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in 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 purchasing an additional 407,471 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 purchasing an additional 26,579 shares in the last quarter. Finally, Boston Partners increased its holdings in 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 purchasing an additional 2,403,806 shares in the last quarter. 71.27% of the stock is currently owned by institutional investors and hedge funds.
COP has been the subject of a number of recent research reports. Goldman Sachs raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Wednesday, December 13th. Howard Weil lowered ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 price objective for the company. in a report on Friday, December 22nd. Credit Suisse Group initiated coverage on ConocoPhillips in a report on Monday, December 11th. They set a “neutral” rating and a $50.00 price objective for the company. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $61.00 price objective for the company in a report on Wednesday, February 14th. Finally, Barclays boosted their price objective on ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $58.75.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, meeting the 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 in the prior year, the company earned ($0.26) earnings per share. equities research analysts predict that ConocoPhillips will post 2.87 EPS for the current year.
ConocoPhillips declared that its Board of Directors has authorized a stock repurchase plan 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. Shares buyback plans 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. Shareholders of record on Monday, February 12th were issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 2.08%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, February 9th. ConocoPhillips’s dividend payout ratio is -228.00%.
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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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