Tower Research Capital LLC TRC Has $2.18 Million Holdings in ConocoPhillips (COP)
Tower Research Capital LLC TRC raised its stake in shares of ConocoPhillips (NYSE:COP) by 3,814.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 31,319 shares of the energy producer’s stock after purchasing an additional 30,519 shares during the period. Tower Research Capital LLC TRC’s holdings in ConocoPhillips were worth $2,180,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in COP. IMA Wealth Inc. bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $100,000. Centaurus Financial Inc. bought a new stake in shares of ConocoPhillips in the 1st quarter worth approximately $104,000. Acropolis Investment Management LLC bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $107,000. Adviser Investments LLC raised its holdings in shares of ConocoPhillips by 139.4% in the 2nd quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after purchasing an additional 1,139 shares during the period. Finally, Bristol John W & Co. Inc. NY bought a new stake in shares of ConocoPhillips in the 1st quarter worth approximately $142,000. Institutional investors and hedge funds own 71.28% of the company’s stock.
COP has been the topic of a number of research reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $80.00 price target on shares of ConocoPhillips in a report on Wednesday, August 15th. Bank of America cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Thursday, September 6th. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a report on Thursday, August 23rd. BMO Capital Markets started coverage on shares of ConocoPhillips in a report on Monday, June 11th. They issued an “outperform” rating and a $78.00 price target on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 23rd. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. ConocoPhillips currently has an average rating of “Buy” and an average target price of $71.90.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.79 billion. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. During the same period in the previous year, the business earned $0.14 EPS. sell-side analysts forecast that ConocoPhillips will post 4.35 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Monday, July 23rd were given a dividend of $0.285 per share. The ex-dividend date was Friday, July 20th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.58%. ConocoPhillips’s dividend payout ratio (DPR) is currently 190.00%.
ConocoPhillips declared that its board has approved a share repurchase plan on Thursday, July 12th that permits the company to buyback $9.00 billion in shares. This buyback authorization permits the energy producer to repurchase up to 10.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Glenda Mae Schwarz sold 18,882 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the completion of the transaction, the vice president now directly owns 29,064 shares in the company, valued at approximately $2,067,903.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Janet Langford Kelly sold 50,000 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $72.37, for a total transaction of $3,618,500.00. Following the transaction, the senior vice president now owns 41,211 shares of the company’s stock, valued at $2,982,440.07. The disclosure for this sale can be found here. Insiders have sold a total of 288,378 shares of company stock valued at $20,769,145 over the last 90 days. Company insiders own 0.88% of the company’s stock.
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate and Other.
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