Arosa Capital Management LP trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 8.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 436,961 shares of the energy producer’s stock after selling 37,849 shares during the period. ConocoPhillips makes up approximately 3.7% of Arosa Capital Management LP’s holdings, making the stock its 7th largest position. Arosa Capital Management LP’s holdings in ConocoPhillips were worth $23,985,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in COP. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of ConocoPhillips by 468.8% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,820 shares of the energy producer’s stock valued at $100,000 after purchasing an additional 1,500 shares during the last quarter. Krilogy Financial LLC lifted its holdings in shares of ConocoPhillips by 48.6% during the second quarter. Krilogy Financial LLC now owns 2,392 shares of the energy producer’s stock valued at $105,000 after purchasing an additional 782 shares during the last quarter. Rocky Mountain Advisers LLC lifted its holdings in shares of ConocoPhillips by 140.2% during the third quarter. Rocky Mountain Advisers LLC now owns 2,392 shares of the energy producer’s stock valued at $120,000 after purchasing an additional 1,396 shares during the last quarter. Clear Perspective Advisors LLC lifted its holdings in shares of ConocoPhillips by 75.5% during the second quarter. Clear Perspective Advisors LLC now owns 2,790 shares of the energy producer’s stock valued at $123,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Truewealth LLC purchased a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $138,000. Hedge funds and other institutional investors own 71.27% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) opened at $53.96 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.76 and a quick ratio of 1.64. ConocoPhillips has a 1 year low of $42.26 and a 1 year high of $61.31. The company has a market cap of $63,380.00, a P/E ratio of -39.68, a price-to-earnings-growth ratio of 1.65 and a beta of 1.33.
ConocoPhillips announced that its board has approved a share repurchase program on Thursday, February 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Monday, February 12th were given a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Friday, February 9th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s payout ratio is -83.82%.
Several research firms have recently issued reports on COP. Goldman Sachs Group upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, December 13th. Piper Jaffray Companies reiterated a “buy” rating and set a $63.00 target price on shares of ConocoPhillips in a report on Wednesday, January 24th. Citigroup lifted their target price on shares of ConocoPhillips from $57.00 to $63.00 and gave the company a “buy” rating in a report on Friday, February 9th. Argus decreased their price objective on shares of ConocoPhillips from $65.00 to $54.54 and set a “buy” rating for the company in a report on Friday, February 16th. Finally, Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $61.00 price objective for the company in a report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. ConocoPhillips currently has an average rating of “Buy” and a consensus price target of $58.75.
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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