Lau Associates LLC lifted its position in shares of ConocoPhillips (NYSE:COP) by 44.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,344 shares of the energy producer’s stock after buying an additional 24,500 shares during the period. ConocoPhillips makes up approximately 3.5% of Lau Associates LLC’s portfolio, making the stock its 6th largest position. Lau Associates LLC’s holdings in ConocoPhillips were worth $6,141,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. IMA Wealth Inc. acquired a new stake in ConocoPhillips in the 2nd quarter valued at approximately $100,000. Acropolis Investment Management LLC acquired a new stake in ConocoPhillips in the 2nd quarter valued at approximately $107,000. Adviser Investments LLC increased its holdings in ConocoPhillips by 139.4% in the 2nd quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after purchasing an additional 1,139 shares during the last quarter. Lucia Wealth Services LLC increased its holdings in ConocoPhillips by 541.3% in the 2nd quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock valued at $157,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Clarus Wealth Advisors acquired a new stake in ConocoPhillips in the 2nd quarter valued at approximately $170,000. Institutional investors and hedge funds own 71.29% of the company’s stock.
Several research firms recently weighed in on COP. Morgan Stanley set a $88.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a report on Friday. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a report on Monday, October 8th. Citigroup lifted their target price on shares of ConocoPhillips from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 5th. Goldman Sachs Group downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Finally, Royal Bank of Canada downgraded shares of ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 target price for the company. in a report on Thursday, September 20th. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. ConocoPhillips has a consensus rating of “Buy” and a consensus 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 shares were sold at an average price of $71.15, for a total value of $1,343,454.30. Following the completion of the transaction, the vice president now owns 29,064 shares of the company’s stock, valued at approximately $2,067,903.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Ryan Michael Lance sold 160,064 shares of the firm’s 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 completion of the transaction, the chairman now directly owns 106,312 shares of the company’s stock, valued at approximately $7,661,905.84. The disclosure for this sale can be found here. Insiders sold a total of 288,378 shares of company stock valued at $20,769,145 in the last three months. 0.88% of the stock is currently owned by corporate insiders.
Shares of COP stock 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. ConocoPhillips has a 52 week low of $48.97 and a 52 week high of $80.24. The company has a market capitalization of $89.95 billion, a price-to-earnings ratio of 123.05, a price-to-earnings-growth ratio of 1.95 and a beta of 1.23.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. The company had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter last year, the company posted $0.14 EPS. As a group, equities analysts forecast that ConocoPhillips will post 4.41 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be given a $0.305 dividend. This represents a $1.22 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, October 12th. 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 buyback program on Thursday, July 12th that permits the company to buyback $9.00 billion in shares. This buyback authorization permits the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management 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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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