ConocoPhillips (COP) Stake Lessened by Boyd Watterson Asset Management LLC OH
Boyd Watterson Asset Management LLC OH decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 28.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,726 shares of the energy producer’s stock after selling 2,332 shares during the period. Boyd Watterson Asset Management LLC OH’s holdings in ConocoPhillips were worth $443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in COP. Abbrea Capital LLC lifted its holdings in ConocoPhillips by 4.6% in the 2nd quarter. Abbrea Capital LLC now owns 16,086 shares of the energy producer’s stock valued at $1,120,000 after purchasing an additional 705 shares in the last quarter. BKD Wealth Advisors LLC lifted its holdings in ConocoPhillips by 1.0% in the 3rd quarter. BKD Wealth Advisors LLC now owns 69,862 shares of the energy producer’s stock valued at $5,407,000 after purchasing an additional 725 shares in the last quarter. Augustine Asset Management Inc. lifted its holdings in ConocoPhillips by 1.9% in the 2nd quarter. Augustine Asset Management Inc. now owns 38,754 shares of the energy producer’s stock valued at $2,698,000 after purchasing an additional 726 shares in the last quarter. Mutual of America Capital Management LLC lifted its holdings in ConocoPhillips by 0.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 151,049 shares of the energy producer’s stock valued at $10,516,000 after purchasing an additional 741 shares in the last quarter. Finally, HPM Partners LLC lifted its holdings in ConocoPhillips by 4.3% in the 2nd quarter. HPM Partners LLC now owns 17,804 shares of the energy producer’s stock valued at $1,240,000 after purchasing an additional 742 shares in the last quarter. Hedge funds and other institutional investors own 71.29% of the company’s stock.
Shares of NYSE COP traded down $1.06 during trading on Wednesday, hitting $72.74. 536,204 shares of the company were exchanged, compared to its average volume of 6,486,534. ConocoPhillips has a 12-month low of $48.97 and a 12-month high of $80.24. The company has a quick ratio of 1.58, a current ratio of 1.75 and a debt-to-equity ratio of 0.48. The firm has a market cap of $89.95 billion, a PE ratio of 122.93, a P/E/G ratio of 1.95 and a beta of 1.23.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, October 15th will be issued a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Friday, October 12th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s payout ratio is currently 203.33%.
ConocoPhillips announced that its Board of Directors has initiated a share repurchase 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 generally a sign that the company’s management believes its shares are undervalued.
A number of brokerages have weighed in on COP. Goldman Sachs Group lowered ConocoPhillips from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Morgan Stanley lowered ConocoPhillips to a “hold” rating in a report on Tuesday, October 2nd. Citigroup raised their price objective on ConocoPhillips from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 5th. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a report on Monday, October 8th. Finally, Royal Bank of Canada lowered ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 price objective on the stock. in a report on Thursday, September 20th. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. ConocoPhillips has an average rating of “Buy” and an average price target of $74.05.
In related news, insider Don E. Jr. Wallette sold 59,432 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 83,047 shares of the company’s stock, valued at approximately $5,968,587.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Glenda Mae Schwarz sold 18,882 shares of the firm’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $71.15, for a total value of $1,343,454.30. Following the sale, the vice president now directly owns 29,064 shares of the company’s stock, valued at $2,067,903.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 288,378 shares of company stock worth $20,769,145. Insiders own 0.88% of the company’s stock.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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