Anadarko Petroleum Co. (APC) Position Lowered by Putnam Investments LLC
Putnam Investments LLC cut its holdings in Anadarko Petroleum Co. (NYSE:APC) by 2.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,234,853 shares of the oil and gas development company’s stock after selling 62,175 shares during the quarter. Putnam Investments LLC’s holdings in Anadarko Petroleum were worth $163,703,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. HPM Partners LLC acquired a new position in Anadarko Petroleum in the second quarter valued at approximately $291,000. Moneta Group Investment Advisors LLC acquired a new position in Anadarko Petroleum in the second quarter valued at approximately $170,000. PointState Capital LP acquired a new position in Anadarko Petroleum in the second quarter valued at approximately $63,327,000. Worldquant Millennium Quantitative Strategies LLC acquired a new position in Anadarko Petroleum in the second quarter valued at approximately $18,740,000. Finally, Metropolitan Life Insurance Co. NY lifted its stake in Anadarko Petroleum by 1.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 86,930 shares of the oil and gas development company’s stock valued at $6,368,000 after buying an additional 1,646 shares during the period. 86.27% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have issued reports on APC. Bank of America set a $100.00 price target on Anadarko Petroleum and gave the company a “buy” rating in a research note on Tuesday, September 4th. Morgan Stanley lowered their target price on Anadarko Petroleum from $86.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, September 4th. Stifel Nicolaus set a $82.00 target price on Anadarko Petroleum and gave the stock a “buy” rating in a research report on Wednesday, August 29th. Barclays initiated coverage on Anadarko Petroleum in a research report on Wednesday, August 29th. They set an “overweight” rating and a $77.00 target price on the stock. Finally, Johnson Rice lowered Anadarko Petroleum from a “buy” rating to an “accumulate” rating in a research report on Wednesday, August 15th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Anadarko Petroleum currently has a consensus rating of “Buy” and a consensus price target of $79.60.
Anadarko Petroleum (NYSE:APC) last announced its quarterly earnings results on Tuesday, July 31st. The oil and gas development company reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.06). Anadarko Petroleum had a return on equity of 1.85% and a net margin of 3.63%. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the company posted ($0.75) EPS. The company’s quarterly revenue was up 21.2% compared to the same quarter last year. equities analysts predict that Anadarko Petroleum Co. will post 2.94 EPS for the current fiscal year.
Anadarko Petroleum announced that its Board of Directors has initiated a stock buyback program on Monday, July 9th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and gas development company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Investors of record on Wednesday, September 12th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 11th. This represents a $1.00 annualized dividend and a yield of 1.59%. Anadarko Petroleum’s dividend payout ratio (DPR) is currently -51.02%.
Anadarko Petroleum Company Profile
Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Exploration and Production, WES Midstream, and Other Midstream. The company explores for and produces oil, natural gas, and natural gas liquids (NGLs).
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