Suntrust Banks Inc. Has $10.87 Million Stake in ConocoPhillips (COP)
Suntrust Banks Inc. reduced its stake in ConocoPhillips (NYSE:COP) by 31.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,032 shares of the energy producer’s stock after selling 90,421 shares during the quarter. Suntrust Banks Inc.’s holdings in ConocoPhillips were worth $10,868,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of COP. Beach Investment Management LLC. bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $2,035,000. Dimension Capital Management Partners bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $520,000. Leisure Capital Management boosted its position in shares of ConocoPhillips by 1.9% in the 2nd quarter. Leisure Capital Management now owns 23,551 shares of the energy producer’s stock worth $1,035,000 after purchasing an additional 449 shares in the last quarter. Atlantic Trust Group LLC boosted its position in shares of ConocoPhillips by 24.2% in the 2nd quarter. Atlantic Trust Group LLC now owns 84,028 shares of the energy producer’s stock worth $3,694,000 after purchasing an additional 16,389 shares in the last quarter. Finally, Guyasuta Investment Advisors Inc. lifted its position in ConocoPhillips by 1.9% in the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 270,055 shares of the energy producer’s stock valued at $11,872,000 after acquiring an additional 5,105 shares in the last quarter. 70.49% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the company. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective on the stock in a research report on Wednesday, January 10th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $53.00 price objective on shares of ConocoPhillips in a research report on Friday, November 3rd. Argus lowered their price objective on ConocoPhillips from $65.00 to $54.54 and set a “buy” rating on the stock in a research report on Friday, February 16th. Macquarie assumed coverage on ConocoPhillips in a research report on Wednesday, January 17th. They issued an “outperform” rating on the stock. Finally, Royal Bank of Canada set a $61.00 price objective on ConocoPhillips and gave the company a “buy” rating in a research report on Wednesday, December 20th. One investment 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. ConocoPhillips currently has a consensus rating of “Buy” and a consensus price target of $58.53.
ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.45. The business had revenue of $8.74 billion during 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 2.81%. During the same period in the previous year, the business earned ($0.26) EPS. equities research analysts predict that ConocoPhillips will post 2.88 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Monday, February 12th were paid a dividend of $0.285 per share. The ex-dividend date was Friday, February 9th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. This represents a $1.14 dividend on an annualized basis and a yield of 2.11%. ConocoPhillips’s payout ratio is currently -228.00%.
ConocoPhillips announced that its Board of Directors has authorized a share repurchase plan on Wednesday, November 8th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the energy producer to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Charles E. Bunch bought 2,000 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was acquired at an average cost of $52.06 per share, for a total transaction of $104,120.00. Following the purchase, the director now owns 3,429 shares in the company, valued at $178,513.74. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.82% of the stock is currently owned by insiders.
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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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