Arizona State Retirement System raised its holdings in shares of ConocoPhillips (NYSE:COP) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 427,982 shares of the energy producer’s stock after buying an additional 5,600 shares during the period. Arizona State Retirement System’s holdings in ConocoPhillips were worth $33,126,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the business. Clarus Wealth Advisors acquired a new position in shares of ConocoPhillips during the second quarter worth $170,000. Dorsey Wright & Associates acquired a new position in shares of ConocoPhillips during the second quarter worth $8,489,000. DnB Asset Management AS lifted its position in shares of ConocoPhillips by 2.5% during the second quarter. DnB Asset Management AS now owns 155,223 shares of the energy producer’s stock worth $10,807,000 after purchasing an additional 3,800 shares in the last quarter. Clinton Group Inc. acquired a new position in shares of ConocoPhillips during the second quarter worth $1,292,000. Finally, IFM Investors Pty Ltd lifted its position in shares of ConocoPhillips by 43.0% during the second quarter. IFM Investors Pty Ltd now owns 53,405 shares of the energy producer’s stock worth $3,718,000 after purchasing an additional 16,060 shares in the last quarter. 71.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on COP shares. Morgan Stanley boosted their target price on shares of ConocoPhillips from $82.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 27th. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research note on Thursday, August 23rd. Citigroup lifted their price target on shares of ConocoPhillips from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 5th. Bank of America upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Monday. Finally, Jefferies Financial Group restated a “hold” rating and issued a $80.00 price target on shares of ConocoPhillips in a research note on Wednesday, August 15th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $75.53.
ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 25th. The energy producer reported $1.36 earnings per share 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 14.76%. The firm had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.48 billion. Equities research analysts predict that ConocoPhillips will post 4.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be paid a dividend of $0.305 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, October 12th. This represents a $1.22 annualized dividend and a yield of 1.81%. ConocoPhillips’s payout ratio is presently 203.33%.
ConocoPhillips declared that its board has approved a stock repurchase program on Thursday, July 12th that permits the company to buyback $9.00 billion in shares. This buyback authorization permits the energy producer to buy up to 10.7% 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, Chairman Ryan Michael Lance sold 160,064 shares of the company’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 completion of the transaction, the chairman now owns 106,312 shares in the company, valued at $7,661,905.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Glenda Mae Schwarz sold 18,882 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the transaction, the vice president now owns 29,064 shares of the company’s stock, valued at approximately $2,067,903.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is owned by insiders.
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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