Parallel Advisors LLC trimmed its stake in ConocoPhillips (NYSE:COP) by 13.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 22,841 shares of the energy producer’s stock after selling 3,680 shares during the period. Parallel Advisors LLC’s holdings in ConocoPhillips were worth $1,254,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. acquired a new position in shares of ConocoPhillips in the fourth quarter valued at approximately $35,651,000. Alliancebernstein L.P. grew its holdings in shares of ConocoPhillips by 6.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,192,838 shares of the energy producer’s stock valued at $230,145,000 after purchasing an additional 243,779 shares in the last quarter. Delpha Capital Management LLC acquired a new position in shares of ConocoPhillips in the fourth quarter valued at approximately $149,000. Risk Paradigm Group LLC grew its holdings in shares of ConocoPhillips by 2,225.3% in the fourth quarter. Risk Paradigm Group LLC now owns 46,762 shares of the energy producer’s stock valued at $2,567,000 after purchasing an additional 44,751 shares in the last quarter. Finally, USA Financial Portformulas Corp acquired a new position in shares of ConocoPhillips in the fourth quarter valued at approximately $754,000. 71.27% of the stock is currently owned by institutional investors and hedge funds.
COP has been the subject of a number of research reports. Royal Bank of Canada set a $61.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a report on Wednesday, December 20th. Cowen set a $70.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Thursday, January 18th. Howard Weil cut shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 price target for the company. in a report on Friday, December 22nd. Zacks Investment Research cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Finally, Goldman Sachs Group upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $58.75.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. The business had revenue of $8.74 billion during the quarter, compared to the consensus estimate of $7.70 billion. ConocoPhillips had a negative net margin of 2.04% and a positive return on equity of 2.81%. During the same quarter in the previous year, the firm earned ($0.26) EPS. research analysts expect that ConocoPhillips will post 2.87 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Friday, February 9th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s payout ratio is currently -228.00%.
ConocoPhillips announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the energy producer to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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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