SIR Capital Management L.P. lessened its stake in ConocoPhillips (NYSE:COP) by 55.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 141,497 shares of the energy producer’s stock after selling 177,818 shares during the quarter. ConocoPhillips accounts for about 1.7% of SIR Capital Management L.P.’s portfolio, making the stock its 27th largest holding. SIR Capital Management L.P.’s holdings in ConocoPhillips were worth $7,767,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of COP. WFG Advisors LP raised its holdings in ConocoPhillips by 0.4% in the 2nd quarter. WFG Advisors LP now owns 9,611 shares of the energy producer’s stock worth $423,000 after purchasing an additional 39 shares during the period. First City Capital Management Inc. raised its holdings in ConocoPhillips by 1.4% in the 2nd quarter. First City Capital Management Inc. now owns 5,459 shares of the energy producer’s stock worth $240,000 after purchasing an additional 75 shares during the period. Waters Parkerson & CO. LLC raised its holdings in ConocoPhillips by 1.0% in the 2nd quarter. Waters Parkerson & CO. LLC now owns 12,043 shares of the energy producer’s stock worth $529,000 after purchasing an additional 125 shares during the period. Laurel Wealth Advisors Inc. raised its holdings in ConocoPhillips by 1.5% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 8,734 shares of the energy producer’s stock worth $383,000 after purchasing an additional 130 shares during the period. Finally, North Star Asset Management Inc. raised its holdings in ConocoPhillips by 3.7% in the 2nd quarter. North Star Asset Management Inc. now owns 7,805 shares of the energy producer’s stock worth $343,000 after purchasing an additional 275 shares during the period. 71.27% of the stock is owned by institutional investors and hedge funds.
Shares of ConocoPhillips (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. The stock has a market capitalization of $64,296.40, a P/E ratio of 74.99, a PEG ratio of 1.64 and a beta of 1.33. ConocoPhillips has a 52-week low of $42.26 and a 52-week high of $61.31.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were given a $0.285 dividend. The ex-dividend date was Friday, February 9th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.11%. ConocoPhillips’s dividend payout ratio is -228.00%.
ConocoPhillips announced that its board has initiated a share repurchase plan on Thursday, February 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the energy producer to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have commented on COP shares. Morgan Stanley increased their target price on ConocoPhillips from $48.00 to $65.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. Cowen set a $70.00 target price on ConocoPhillips and gave the company a “buy” rating in a report on Thursday, January 18th. Credit Suisse Group started coverage on ConocoPhillips in a report on Monday, December 11th. They set a “neutral” rating and a $50.00 target price for the company. Howard Weil cut 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. Finally, Barclays increased their target price on ConocoPhillips from $59.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price 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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