Peak Asset Management LLC trimmed its stake in shares of ConocoPhillips (NYSE:COP) by 3.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 99,120 shares of the energy producer’s stock after selling 3,081 shares during the quarter. ConocoPhillips comprises about 2.0% of Peak Asset Management LLC’s portfolio, making the stock its 22nd biggest holding. Peak Asset Management LLC’s holdings in ConocoPhillips were worth $5,441,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its holdings in shares of ConocoPhillips by 16.1% during the 2nd quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock worth $27,092,000 after buying an additional 85,538 shares in the last quarter. Korea Investment CORP raised its holdings in shares of ConocoPhillips by 32.8% during the 3rd quarter. Korea Investment CORP now owns 1,026,000 shares of the energy producer’s stock worth $51,351,000 after buying an additional 253,600 shares in the last quarter. Intact Investment Management Inc. raised its holdings in shares of ConocoPhillips by 94.3% during the 3rd quarter. Intact Investment Management Inc. now owns 10,300 shares of the energy producer’s stock worth $515,000 after buying an additional 5,000 shares in the last quarter. Johnson Financial Group Inc. raised its holdings in shares of ConocoPhillips by 38.8% during the 3rd quarter. Johnson Financial Group Inc. now owns 24,924 shares of the energy producer’s stock worth $1,247,000 after buying an additional 6,972 shares in the last quarter. Finally, Royal Bank of Scotland Group PLC acquired a new position in shares of ConocoPhillips during the 4th quarter worth $21,216,000. Hedge funds and other institutional investors own 71.27% of the company’s stock.
A number of equities analysts have recently commented on COP shares. Piper Jaffray Companies reissued a “buy” rating and set a $63.00 price target on shares of ConocoPhillips in a report on Wednesday, January 24th. Cowen set a $70.00 price target on ConocoPhillips and gave the stock a “buy” rating in a report on Thursday, January 18th. Goldman Sachs Group raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, December 13th. Royal Bank of Canada set a $61.00 target price on ConocoPhillips and gave the stock a “buy” rating in a report on Wednesday, December 20th. Finally, Citigroup upped their target price on ConocoPhillips from $57.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, February 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.75.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 EPS for the quarter, meeting analysts’ consensus estimates of $0.45. ConocoPhillips had a positive return on equity of 2.81% and a negative net margin of 2.04%. The firm had revenue of $8.74 billion for the quarter, compared to analyst estimates of $7.70 billion. During the same quarter in the previous year, the company posted ($0.26) EPS. equities research analysts expect that ConocoPhillips will post 2.87 earnings per share for the current fiscal year.
ConocoPhillips announced that its board has approved a share repurchase plan on Thursday, February 1st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Monday, February 12th were given a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Friday, February 9th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s payout ratio is -228.00%.
ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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