Ladenburg Thalmann Financial Services Inc. lowered its stake in ConocoPhillips (NYSE:COP) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149,994 shares of the energy producer’s stock after selling 2,153 shares during the quarter. Ladenburg Thalmann Financial Services Inc.’s holdings in ConocoPhillips were worth $9,657,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in COP. Pacitti Group Inc. purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $31,000. Earnest Partners LLC acquired a new stake in ConocoPhillips during the 4th quarter valued at approximately $34,000. Solstein Capital LLC purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $35,000. Manchester Financial Inc. purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $36,000. Finally, Princeton Global Asset Management LLC acquired a new position in shares of ConocoPhillips in the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 73.67% of the company’s stock.
A number of research firms have recently weighed in on COP. Capital One Financial began coverage on shares of ConocoPhillips in a research report on Tuesday, February 11th. They set an “overweight” rating and a $70.00 price target for the company. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Tuesday, January 14th. UBS Group raised their price objective on shares of ConocoPhillips from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Robert W. Baird began coverage on shares of ConocoPhillips in a report on Tuesday, January 14th. They set an “outperform” rating and a $72.00 price objective for the company. Finally, Susquehanna Bancshares initiated coverage on shares of ConocoPhillips in a research report on Tuesday, January 14th. They issued a “positive” rating and a $80.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. ConocoPhillips has an average rating of “Buy” and an average target price of $66.05.
ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Tuesday, February 4th. The energy producer reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.05). ConocoPhillips had a return on equity of 11.84% and a net margin of 19.60%. The business had revenue of $8.14 billion for the quarter, compared to analyst estimates of $7.83 billion. During the same quarter last year, the company earned $1.13 EPS. As a group, sell-side analysts predict that ConocoPhillips will post -0.02 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 14th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 5.43%. The ex-dividend date was Thursday, February 13th. ConocoPhillips’s dividend payout ratio (DPR) is presently 46.80%.
ConocoPhillips declared that its board has approved a stock repurchase program on Tuesday, February 4th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the energy producer to buy up to 15.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, SVP Ellen Desanctis sold 41,882 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $58.55, for a total transaction of $2,452,191.10. Following the sale, the senior vice president now directly owns 32,902 shares in the company, valued at approximately $1,926,412.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is currently owned by corporate insiders.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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