Twin Capital Management Inc. boosted its position in shares of ConocoPhillips (NYSE:COP) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,590 shares of the energy producer’s stock after buying an additional 670 shares during the period. Twin Capital Management Inc.’s holdings in ConocoPhillips were worth $4,767,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. First Eagle Investment Management LLC raised its position in shares of ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after buying an additional 1,744,860 shares during the period. Norges Bank bought a new position in shares of ConocoPhillips during the fourth quarter worth about $496,521,000. Swiss National Bank raised its position in shares of ConocoPhillips by 27.3% in the first quarter. Swiss National Bank now owns 4,390,099 shares of the energy producer’s stock worth $218,934,000 after buying an additional 940,600 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of ConocoPhillips by 21.2% in the first quarter. UBS Asset Management Americas Inc. now owns 4,174,799 shares of the energy producer’s stock worth $208,197,000 after buying an additional 730,325 shares during the period. Finally, Putnam Investments LLC raised its position in shares of ConocoPhillips by 74.5% in the fourth quarter. Putnam Investments LLC now owns 3,810,186 shares of the energy producer’s stock worth $191,043,000 after buying an additional 1,626,806 shares during the period. 67.60% of the stock is currently owned by institutional investors.
ConocoPhillips (NYSE COP) opened at 43.23 on Friday. The company has a 50 day moving average price of $44.32 and a 200-day moving average price of $47.10. The company’s market capitalization is $53.48 billion. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17.
ConocoPhillips (NYSE:COP) last released its earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.05. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.47 billion. ConocoPhillips had a negative return on equity of 5.92% and a negative net margin of 5.05%. During the same period last year, the company posted ($0.95) earnings per share. On average, analysts anticipate that ConocoPhillips will post $0.07 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is currently -95.50%.
ConocoPhillips announced that its board has authorized a stock repurchase plan on Wednesday, March 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the energy producer to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
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A number of equities analysts recently issued reports on COP shares. Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Saturday, July 1st. Sanford C. Bernstein lowered shares of ConocoPhillips from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $63.00 to $42.00 in a research report on Thursday, July 6th. Bank of America Corporation lowered shares of ConocoPhillips from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $68.00 to $67.00 in a research report on Thursday, May 11th. Jefferies Group LLC reaffirmed a “hold” rating and set a $55.00 target price on shares of ConocoPhillips in a research report on Friday, May 5th. Finally, Cowen and Company reaffirmed a “buy” rating on shares of ConocoPhillips in a research report on Friday, April 14th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. ConocoPhillips has an average rating of “Hold” and a consensus price target of $55.56.
In related news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $47.47, for a total value of $431,549.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.82% of the company’s stock.
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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