Bruderman Asset Management LLC lifted its holdings in ConocoPhillips (NYSE:COP) by 2,165.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,800 shares of the energy producer’s stock after acquiring an additional 26,573 shares during the period. Bruderman Asset Management LLC’s holdings in ConocoPhillips were worth $1,935,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. LSV Asset Management bought a new stake in ConocoPhillips in the first quarter worth about $859,000. Tyers Asset Management LLC lifted its stake in ConocoPhillips by 247.4% in the first quarter. Tyers Asset Management LLC now owns 54,080 shares of the energy producer’s stock worth $3,206,000 after purchasing an additional 38,512 shares during the last quarter. Wallington Asset Management LLC lifted its stake in ConocoPhillips by 3.1% in the first quarter. Wallington Asset Management LLC now owns 96,769 shares of the energy producer’s stock worth $5,737,000 after purchasing an additional 2,882 shares during the last quarter. Flippin Bruce & Porter Inc. lifted its stake in ConocoPhillips by 1.8% in the first quarter. Flippin Bruce & Porter Inc. now owns 195,036 shares of the energy producer’s stock worth $11,564,000 after purchasing an additional 3,481 shares during the last quarter. Finally, King Luther Capital Management Corp lifted its stake in ConocoPhillips by 1.2% in the first quarter. King Luther Capital Management Corp now owns 1,070,608 shares of the energy producer’s stock worth $63,476,000 after purchasing an additional 12,180 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on COP. BMO Capital Markets raised their price objective on shares of ConocoPhillips from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, July 27th. Mizuho reaffirmed a “hold” rating on shares of ConocoPhillips in a research note on Tuesday, July 24th. Sanford C. Bernstein raised shares of ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 price target for the company in a research note on Friday, June 8th. Barclays lifted their price target on shares of ConocoPhillips from $78.00 to $84.00 and gave the company an “overweight” rating in a research note on Wednesday, July 11th. Finally, Morgan Stanley lifted their price target on shares of ConocoPhillips from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $71.90.
Shares of COP stock opened at $73.50 on Friday. The company has a market cap of $83.64 billion, a P/E ratio of 122.50, a price-to-earnings-growth ratio of 1.84 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.58 and a current ratio of 1.75. ConocoPhillips has a 52-week low of $45.78 and a 52-week high of $74.43.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. The company had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.79 billion. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. During the same period last year, the company posted $0.14 earnings per share. sell-side analysts anticipate that ConocoPhillips will post 4.35 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Monday, July 23rd were issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, July 20th. ConocoPhillips’s payout ratio is 190.00%.
ConocoPhillips declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 12th that allows the company to buyback $9.00 billion in outstanding shares. This buyback authorization allows the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, Chairman Ryan Michael Lance sold 160,064 shares of ConocoPhillips stock in a transaction that occurred on 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 directly owns 106,312 shares of the company’s stock, valued at $7,661,905.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Janet Langford Kelly sold 50,000 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $72.37, for a total transaction of $3,618,500.00. Following the transaction, the senior vice president now directly owns 41,211 shares in the company, valued at $2,982,440.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 288,378 shares of company stock worth $20,769,145. 0.88% of the stock is currently owned by corporate insiders.
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate and Other.
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