Investors Sell Shares of ConocoPhillips (COP) on Strength (COP)
Traders sold shares of ConocoPhillips (NYSE:COP) on strength during trading hours on Thursday. $40.04 million flowed into the stock on the tick-up and $83.84 million flowed out of the stock on the tick-down, for a money net flow of $43.80 million out of the stock. Of all equities tracked, ConocoPhillips had the 0th highest net out-flow for the day. ConocoPhillips traded up $0.58 for the day and closed at $72.55
COP has been the subject of a number of research analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $80.00 price target on shares of ConocoPhillips in a research report on Wednesday, August 15th. Bank of America downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Thursday, September 6th. BMO Capital Markets lifted their price target on ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, July 27th. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a research report on Wednesday, June 13th. Finally, Sanford C. Bernstein upgraded ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 target price for the company in a research report on Friday, June 8th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $71.90.
The stock has a market capitalization of $83.64 billion, a price-to-earnings ratio of 122.50, a P/E/G ratio of 1.84 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Monday, July 23rd were paid a $0.285 dividend. The ex-dividend date of this dividend was Friday, July 20th. This represents a $1.14 dividend on an annualized basis and a yield of 1.55%. ConocoPhillips’s dividend payout ratio (DPR) is currently 190.00%.
ConocoPhillips declared that its Board of Directors has approved a share buyback program on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization authorizes the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other ConocoPhillips news, SVP Janet Langford Kelly sold 50,000 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $72.37, for a total value of $3,618,500.00. Following the transaction, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at approximately $2,982,440.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Ryan Michael Lance sold 160,064 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $72.07, for a total value of $11,535,812.48. Following the completion of the transaction, the chairman now directly owns 106,312 shares in the company, valued at $7,661,905.84. The disclosure for this sale can be found here. Insiders sold a total of 288,378 shares of company stock worth $20,769,145 over the last ninety days. Insiders own 0.88% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. LFA Lugano Financial Advisors SA purchased a new position in shares of ConocoPhillips during the second quarter valued at approximately $801,000. BDO Wealth Advisors LLC increased its stake in shares of ConocoPhillips by 7.9% during the second quarter. BDO Wealth Advisors LLC now owns 14,764 shares of the energy producer’s stock valued at $1,028,000 after buying an additional 1,086 shares during the period. Physicians Financial Services Inc. purchased a new position in shares of ConocoPhillips during the second quarter valued at approximately $216,000. WINTON GROUP Ltd increased its stake in shares of ConocoPhillips by 36.6% during the second quarter. WINTON GROUP Ltd now owns 99,684 shares of the energy producer’s stock valued at $6,940,000 after buying an additional 26,700 shares during the period. Finally, Global X Management Co LLC increased its stake in shares of ConocoPhillips by 52.0% during the second quarter. Global X Management Co LLC now owns 25,769 shares of the energy producer’s stock valued at $1,794,000 after buying an additional 8,817 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.
ConocoPhillips Company Profile (NYSE:COP)
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.
Further Reading: Growth Stocks
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