Pineno Levin & Ford Asset Management Inc. Decreases Holdings in ConocoPhillips (COP)
Pineno Levin & Ford Asset Management Inc. trimmed its holdings in ConocoPhillips (NYSE:COP) by 3.8% during the fourth quarter, HoldingsChannel reports. The firm owned 38,630 shares of the energy producer’s stock after selling 1,525 shares during the period. Pineno Levin & Ford Asset Management Inc.’s holdings in ConocoPhillips were worth $2,120,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Freestone Capital Holdings LLC lifted its stake in ConocoPhillips by 78.7% in the 2nd quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock worth $354,000 after purchasing an additional 3,543 shares in the last quarter. Point View Wealth Management Inc. lifted its stake in ConocoPhillips by 19.8% in the 2nd quarter. Point View Wealth Management Inc. now owns 32,939 shares of the energy producer’s stock worth $1,448,000 after purchasing an additional 5,452 shares in the last quarter. Toronto Dominion Bank lifted its stake in ConocoPhillips by 16.1% in the 2nd quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock worth $27,092,000 after purchasing an additional 85,538 shares in the last quarter. Korea Investment CORP lifted its stake in ConocoPhillips by 32.8% in the 3rd quarter. Korea Investment CORP now owns 1,026,000 shares of the energy producer’s stock worth $51,351,000 after purchasing an additional 253,600 shares in the last quarter. Finally, MUFG Securities EMEA plc purchased a new position in ConocoPhillips in the 2nd quarter worth approximately $26,376,000. 69.66% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Charles E. Bunch bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the acquisition, the director now owns 3,429 shares of the company’s stock, valued at $178,513.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is currently owned by company insiders.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.45. ConocoPhillips had a negative net margin of 2.04% and a positive return on equity of 2.78%. The business had revenue of $8.74 billion during the quarter, compared to the consensus estimate of $7.70 billion. During the same quarter last year, the firm earned ($0.26) EPS. research analysts forecast that ConocoPhillips will post 2.79 earnings per share for the current fiscal year.
ConocoPhillips announced that its board has authorized a stock buyback plan on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Stock repurchase plans 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 Thursday, March 1st. Investors of record on Monday, February 12th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, February 9th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s dividend payout ratio (DPR) is -212.00%.
A number of research analysts have weighed in on COP shares. Royal Bank of Canada raised their target price on shares of ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Morgan Stanley raised their target price on shares of ConocoPhillips from $48.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Cowen set a $70.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Thursday, January 18th. Credit Suisse Group started coverage on shares of ConocoPhillips in a research note on Monday, December 11th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Howard Weil lowered shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price on the stock. in a research note on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $59.06.
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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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