Fred Alger Management Inc. lowered its position in shares of ConocoPhillips (NYSE:COP) by 10.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,673 shares of the energy producer’s stock after selling 3,423 shares during the period. Fred Alger Management Inc.’s holdings in ConocoPhillips were worth $1,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in COP. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of ConocoPhillips by 468.8% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,820 shares of the energy producer’s stock worth $100,000 after buying an additional 1,500 shares during the last quarter. Krilogy Financial LLC increased its holdings in shares of ConocoPhillips by 48.6% during the 2nd quarter. Krilogy Financial LLC now owns 2,392 shares of the energy producer’s stock worth $105,000 after buying an additional 782 shares during the last quarter. Rocky Mountain Advisers LLC increased its holdings in shares of ConocoPhillips by 140.2% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 2,392 shares of the energy producer’s stock worth $120,000 after buying an additional 1,396 shares during the last quarter. Clear Perspective Advisors LLC increased its holdings in shares of ConocoPhillips by 75.5% during the 2nd quarter. Clear Perspective Advisors LLC now owns 2,790 shares of the energy producer’s stock worth $123,000 after buying an additional 1,200 shares during the last quarter. Finally, Truewealth LLC acquired a new stake in shares of ConocoPhillips during the 4th quarter worth approximately $138,000. Institutional investors and hedge funds own 71.27% of the company’s stock.
Several analysts recently weighed in on COP shares. Royal Bank of Canada set a $61.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a report on Wednesday, December 20th. Cowen set a $70.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a report on Thursday, January 18th. Howard Weil downgraded shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price for the company. in a report on Friday, December 22nd. Zacks Investment Research downgraded 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 target price for the company in a report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given 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 posted its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ 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 posted ($0.26) earnings per share. sell-side analysts forecast that ConocoPhillips will post 2.87 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Monday, February 12th were paid a $0.285 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, February 9th. This represents a $1.14 annualized dividend and a dividend yield of 2.11%. ConocoPhillips’s payout ratio is -228.00%.
ConocoPhillips declared that its board has approved a stock buyback program on Thursday, February 1st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the energy producer to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
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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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