Cypress Asset Management Inc. TX cut its stake in shares of ConocoPhillips (NYSE:COP) by 22.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,955 shares of the energy producer’s stock after selling 3,541 shares during the period. Cypress Asset Management Inc. TX’s holdings in ConocoPhillips were worth $656,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Krilogy Financial LLC raised its stake in ConocoPhillips by 48.6% during the 2nd quarter. Krilogy Financial LLC now owns 2,392 shares of the energy producer’s stock valued at $105,000 after buying an additional 782 shares during the last quarter. Rocky Mountain Advisers LLC grew its position 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 valued at $120,000 after acquiring an additional 1,396 shares during the period. Clear Perspective Advisors LLC grew its position 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 valued at $123,000 after acquiring an additional 1,200 shares during the period. Lloyds Banking Group plc bought a new stake in shares of ConocoPhillips during the 2nd quarter valued at $127,000. Finally, TLP Group LLC bought a new stake in shares of ConocoPhillips during the 2nd quarter valued at $142,000. Institutional investors and hedge funds own 69.66% of the company’s stock.
A number of equities research analysts have recently issued reports on COP shares. Barclays boosted their price objective on shares of ConocoPhillips from $55.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 27th. Royal Bank of Canada boosted their price objective on shares of ConocoPhillips from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Scotiabank reissued a “buy” rating and set a $53.00 price objective on shares of ConocoPhillips in a research report on Wednesday, November 1st. Howard Weil downgraded shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 price objective for the company. in a research report on Friday, December 22nd. Finally, Zacks Investment Research downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $59.06.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. The company 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 2.78%. During the same quarter in the prior year, the firm posted ($0.26) EPS. analysts expect that ConocoPhillips will post 2.79 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Monday, February 12th will be issued a $0.285 dividend. The ex-dividend date of this dividend is Friday, February 9th. This represents a $1.14 annualized dividend and a yield of 2.19%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s dividend payout ratio is currently -212.00%.
ConocoPhillips declared that its Board of Directors has authorized a stock repurchase program on Wednesday, November 8th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the energy producer to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In other news, Director Charles E. Bunch bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was bought at an average price of $52.06 per share, with a total value of $104,120.00. Following the acquisition, the director now owns 3,429 shares of the company’s stock, valued at approximately $178,513.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.82% of the company’s stock.
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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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