ConocoPhillips (NYSE:COP) Position Lowered by Armor Investment Advisors LLC
Armor Investment Advisors LLC reduced its position in shares of ConocoPhillips (NYSE:COP) by 0.7% during the first quarter, Holdings Channel reports. The institutional investor owned 15,990 shares of the energy producer’s stock after selling 118 shares during the period. Armor Investment Advisors LLC’s holdings in ConocoPhillips were worth $797,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Eagle Investment Management LLC boosted its position in shares of ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after buying an additional 1,744,860 shares in the last quarter. Norges Bank purchased a new position in shares of ConocoPhillips during the fourth quarter worth $496,521,000. Franklin Resources Inc. boosted its position in shares of ConocoPhillips by 156.5% in the fourth quarter. Franklin Resources Inc. now owns 8,242,882 shares of the energy producer’s stock worth $413,364,000 after buying an additional 5,029,627 shares in the last quarter. Swiss National Bank boosted its position in shares of ConocoPhillips by 27.3% in the first quarter. Swiss National Bank now owns 4,390,099 shares of the energy producer’s stock worth $218,934,000 after buying an additional 940,600 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of ConocoPhillips by 21.2% in the first quarter. UBS Asset Management Americas Inc. now owns 4,174,799 shares of the energy producer’s stock worth $208,197,000 after buying an additional 730,325 shares in the last quarter. Institutional investors and hedge funds own 67.60% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) opened at 43.19 on Tuesday. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17. The stock’s market capitalization is $53.43 billion. The firm’s 50-day moving average price is $45.46 and its 200 day moving average price is $47.90.
ConocoPhillips (NYSE:COP) last announced its earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.05. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. During the same quarter in the previous year, the company earned ($0.95) EPS. Analysts predict that ConocoPhillips will post $0.26 EPS for the current fiscal year.
ConocoPhillips announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the energy producer to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be paid a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $1.06 annualized dividend and a yield of 2.45%. ConocoPhillips’s payout ratio is -95.50%.
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COP has been the subject of a number of research analyst reports. Scotiabank set a $54.00 price target on ConocoPhillips and gave the company a “buy” rating in a research report on Saturday, July 1st. Sanford C. Bernstein cut ConocoPhillips from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $63.00 to $42.00 in a research report on Thursday, July 6th. Bank of America Corporation lowered ConocoPhillips from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $68.00 to $67.00 in a research note on Thursday, May 11th. Jefferies Group LLC reaffirmed a “hold” rating and set a $55.00 price objective on shares of ConocoPhillips in a research note on Friday, May 5th. Finally, Cowen and Company reaffirmed a “buy” rating on shares of ConocoPhillips in a research note on Friday, April 14th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $55.77.
In related news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is owned by corporate insiders.
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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