Comerica Bank decreased its position in ConocoPhillips (NYSE:COP) by 11.9% during the third quarter, HoldingsChannel.com reports. The fund owned 604,531 shares of the energy producer’s stock after selling 81,534 shares during the quarter. Comerica Bank’s holdings in ConocoPhillips were worth $41,846,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in COP. Bank of Montreal Can increased its position in shares of ConocoPhillips by 101.9% in the third quarter. Bank of Montreal Can now owns 5,825,885 shares of the energy producer’s stock valued at $450,923,000 after acquiring an additional 2,940,689 shares during the period. Hexavest Inc. purchased a new position in shares of ConocoPhillips in the second quarter valued at about $85,972,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ConocoPhillips in the second quarter valued at about $801,000. Morgan Stanley increased its position in shares of ConocoPhillips by 19.2% in the second quarter. Morgan Stanley now owns 4,826,136 shares of the energy producer’s stock valued at $335,995,000 after acquiring an additional 776,284 shares during the period. Finally, OppenheimerFunds Inc. increased its position in shares of ConocoPhillips by 67.0% in the second quarter. OppenheimerFunds Inc. now owns 1,708,483 shares of the energy producer’s stock valued at $118,944,000 after acquiring an additional 685,490 shares during the period. Hedge funds and other institutional investors own 71.67% of the company’s stock.
In related news, Chairman Ryan Michael Lance sold 160,064 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $72.07, for a total transaction of $11,535,812.48. Following the transaction, the chairman now owns 106,312 shares in the company, valued at $7,661,905.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Don E. Jr. Wallette sold 59,432 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total transaction of $4,271,377.84. Following the transaction, the insider now owns 83,047 shares in the company, valued at approximately $5,968,587.89. The disclosure for this sale can be found here. Insiders have sold 288,378 shares of company stock worth $20,769,145 in the last quarter. 0.88% of the stock is owned by corporate insiders.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 25th. The energy producer reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.19. ConocoPhillips had a net margin of 16.08% and a return on equity of 14.62%. The company had revenue of $10.17 billion for the quarter, compared to analysts’ expectations of $9.48 billion. As a group, equities analysts predict that ConocoPhillips will post 4.76 EPS for the current fiscal year.
ConocoPhillips declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 12th that authorizes the company to buyback $9.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to reacquire up to 10.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be given a dividend of $0.305 per share. The ex-dividend date is Friday, October 12th. This represents a $1.22 annualized dividend and a dividend yield of 1.80%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s payout ratio is currently 203.33%.
COP has been the topic of a number of analyst reports. Barclays boosted their price objective on shares of ConocoPhillips from $78.00 to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, July 11th. Morgan Stanley initiated coverage on shares of ConocoPhillips in a research report on Thursday, July 12th. They issued an “overweight” rating and a $82.00 price objective on the stock. Royal Bank of Canada boosted their price objective on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, July 23rd. Mizuho restated a “hold” rating on shares of ConocoPhillips in a research report on Tuesday, July 24th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, July 27th. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $75.53.
ConocoPhillips Company Profile
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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