BLB&B Advisors LLC decreased its position in ConocoPhillips (NYSE:COP) by 13.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,064 shares of the energy producer’s stock after selling 2,218 shares during the quarter. BLB&B Advisors LLC’s holdings in ConocoPhillips were worth $1,089,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. IMA Wealth Inc. bought a new position in ConocoPhillips in the second quarter valued at about $100,000. Acropolis Investment Management LLC bought a new position in ConocoPhillips in the second quarter valued at about $107,000. Adviser Investments LLC lifted its holdings in ConocoPhillips by 139.4% in the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after acquiring an additional 1,139 shares during the period. Lucia Wealth Services LLC lifted its holdings in ConocoPhillips by 541.3% in the second quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock valued at $157,000 after acquiring an additional 1,900 shares during the period. Finally, Clarus Wealth Advisors bought a new position in ConocoPhillips in the second quarter valued at about $170,000. 71.29% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on the company. Goldman Sachs Group downgraded ConocoPhillips from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Morgan Stanley cut ConocoPhillips to a “hold” rating in a research report on Tuesday, October 2nd. Citigroup upped their price target on ConocoPhillips from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 5th. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Monday, October 8th. Finally, Royal Bank of Canada cut ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 price target for the company. in a research report on Thursday, September 20th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $74.05.
In other ConocoPhillips news, VP Glenda Mae Schwarz sold 18,882 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the vice president now owns 29,064 shares in the company, valued at approximately $2,067,903.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Don E. Jr. Wallette sold 59,432 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the completion of the sale, the insider now directly owns 83,047 shares of the company’s stock, valued at $5,968,587.89. The disclosure for this sale can be found here. Insiders have sold 288,378 shares of company stock valued at $20,769,145 in the last quarter. 0.88% of the stock is currently owned by company insiders.
Shares of COP opened at $73.83 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58. The stock has a market capitalization of $89.95 billion, a price-to-earnings ratio of 123.05, a P/E/G ratio of 1.95 and a beta of 1.23. ConocoPhillips has a 52 week low of $48.97 and a 52 week high of $80.24.
ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. ConocoPhillips had a return on equity of 10.26% and a net margin of 13.26%. The firm had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter last year, the business posted $0.14 earnings per share. As a group, research analysts anticipate that ConocoPhillips will post 4.41 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be given a dividend of $0.305 per share. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.22 annualized dividend and a dividend yield of 1.65%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s dividend payout ratio (DPR) is currently 190.00%.
ConocoPhillips announced that its board has initiated a stock repurchase plan on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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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