ConocoPhillips (COP) Holdings Boosted by AE Wealth Management LLC
AE Wealth Management LLC raised its position in ConocoPhillips (NYSE:COP) by 14.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,566 shares of the energy producer’s stock after buying an additional 1,749 shares during the period. AE Wealth Management LLC’s holdings in ConocoPhillips were worth $944,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in COP. Millennium Management LLC boosted its position in ConocoPhillips by 77.9% in the first quarter. Millennium Management LLC now owns 4,136,386 shares of the energy producer’s stock valued at $245,246,000 after buying an additional 1,811,555 shares in the last quarter. Hexavest Inc. acquired a new position in ConocoPhillips in the second quarter valued at about $85,972,000. Rockefeller Capital Management L.P. acquired a new position in ConocoPhillips in the first quarter valued at about $71,270,000. CI Investments Inc. boosted its position in ConocoPhillips by 1,199.6% in the first quarter. CI Investments Inc. now owns 916,597 shares of the energy producer’s stock valued at $54,345,000 after buying an additional 846,067 shares in the last quarter. Finally, Morgan Stanley boosted its position in ConocoPhillips by 19.2% in the second quarter. Morgan Stanley now owns 4,826,136 shares of the energy producer’s stock valued at $335,995,000 after buying an additional 776,284 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.
Shares of COP stock opened at $72.55 on Friday. ConocoPhillips has a 1 year low of $45.65 and a 1 year high of $74.43. The company has a market cap of $83.05 billion, a PE ratio of 120.92, a P/E/G ratio of 1.83 and a beta of 1.24. The company has a current ratio of 1.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.48.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Monday, July 23rd were paid a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Friday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is 190.00%.
ConocoPhillips announced that its board has authorized a share buyback program on Thursday, July 12th that allows the company to buyback $9.00 billion in shares. This buyback authorization allows the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have commented on COP shares. Mizuho started coverage on shares of ConocoPhillips in a research report on Friday, June 8th. They issued a “neutral” rating and a $73.00 price target on the stock. Sanford C. Bernstein upgraded shares of ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 price target on the stock in a research report on Friday, June 8th. BMO Capital Markets began coverage on shares of ConocoPhillips in a research report on Monday, June 11th. They set an “outperform” rating and a $78.00 target price on the stock. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a research report on Wednesday, June 13th. Finally, Barclays upped their target price on shares of ConocoPhillips from $78.00 to $84.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 11th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $71.90.
In related news, Chairman Ryan Michael Lance sold 160,064 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $72.07, for a total transaction of $11,535,812.48. Following the completion of the sale, the chairman now directly owns 106,312 shares of the company’s stock, valued at $7,661,905.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Don E. Jr. Wallette sold 59,432 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $71.87, for a total transaction of $4,271,377.84. Following the sale, the insider now directly owns 83,047 shares of the company’s stock, valued at $5,968,587.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is currently owned by insiders.
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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