Guinness Atkinson Asset Management Inc Cuts Position in ConocoPhillips (COP)
Guinness Atkinson Asset Management Inc cut its stake in ConocoPhillips (NYSE:COP) by 10.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,200 shares of the energy producer’s stock after selling 1,800 shares during the quarter. Guinness Atkinson Asset Management Inc’s holdings in ConocoPhillips were worth $1,128,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the business. LSV Asset Management acquired a new position in ConocoPhillips in the first quarter worth about $859,000. Rockefeller Capital Management L.P. acquired a new position in ConocoPhillips in the first quarter worth about $71,270,000. Windsor Group LTD grew its stake in ConocoPhillips by 21.3% in the first quarter. Windsor Group LTD now owns 7,395 shares of the energy producer’s stock worth $438,000 after purchasing an additional 1,300 shares in the last quarter. Glen Harbor Capital Management LLC grew its stake in ConocoPhillips by 247.4% in the first quarter. Glen Harbor Capital Management LLC now owns 114,920 shares of the energy producer’s stock worth $6,813,000 after purchasing an additional 81,838 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. grew its stake in ConocoPhillips by 23.4% in the first quarter. Canandaigua National Bank & Trust Co. now owns 30,190 shares of the energy producer’s stock worth $1,790,000 after purchasing an additional 5,724 shares in the last quarter. 71.25% of the stock is currently owned by institutional investors.
COP has been the subject of a number of research reports. Jefferies Financial Group reiterated a “hold” rating and issued a $80.00 price target on shares of ConocoPhillips in a research note on Wednesday, August 15th. Bank of America downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Thursday, September 6th. BMO Capital Markets lifted their target price on ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 27th. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 target price for the company in a research note 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 note on Friday, June 8th. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. ConocoPhillips has a consensus rating of “Buy” and a consensus price target of $71.90.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.01. The company had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.79 billion. ConocoPhillips had a return on equity of 10.26% and a net margin of 13.26%. During the same quarter in the previous year, the company posted $0.14 earnings per share. analysts anticipate that ConocoPhillips will post 4.35 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Monday, July 23rd were issued a dividend of $0.285 per share. The ex-dividend date of this dividend was Friday, July 20th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.54%. ConocoPhillips’s dividend payout ratio (DPR) is presently 190.00%.
ConocoPhillips announced that its board has authorized a share buyback plan on Thursday, July 12th that allows the company to buyback $9.00 billion in outstanding shares. This buyback authorization allows the energy producer to reacquire up to 10.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other news, insider Don E. Jr. Wallette sold 59,432 shares of ConocoPhillips 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 owns 83,047 shares of the company’s stock, valued at $5,968,587.89. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Ryan Michael Lance sold 160,064 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $72.07, for a total value of $11,535,812.48. Following the sale, the chairman now directly owns 106,312 shares in the company, valued at approximately $7,661,905.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 288,378 shares of company stock worth $20,769,145. Corporate 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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