Palisade Asset Management LLC lessened its holdings in ConocoPhillips (NYSE:COP) by 8.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,611 shares of the energy producer’s stock after selling 1,991 shares during the period. Palisade Asset Management LLC’s holdings in ConocoPhillips were worth $1,131,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of COP. BlackRock Inc. lifted its stake in shares of ConocoPhillips by 7.8% in the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock worth $3,772,723,000 after purchasing an additional 6,197,896 shares during the period. AJO LP lifted its stake in shares of ConocoPhillips by 3,000.7% in the 2nd quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock worth $131,353,000 after purchasing an additional 2,891,652 shares during the period. Boston Partners lifted its stake in shares of ConocoPhillips by 41.6% in the 4th quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock worth $449,252,000 after purchasing an additional 2,403,806 shares during the period. Franklin Resources Inc. lifted its stake in shares of ConocoPhillips by 21.6% in the 2nd quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock worth $528,635,000 after purchasing an additional 2,134,292 shares during the period. Finally, Brandywine Global Investment Management LLC lifted its stake in shares of ConocoPhillips by 183.5% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 3,138,796 shares of the energy producer’s stock worth $137,982,000 after purchasing an additional 2,031,830 shares during the period. Hedge funds and other institutional investors own 70.93% of the company’s stock.
Shares of ConocoPhillips (COP) opened at $52.02 on Monday. The company has a current ratio of 2.38, a quick ratio of 2.23 and a debt-to-equity ratio of 0.64. ConocoPhillips has a fifty-two week low of $42.26 and a fifty-two week high of $61.31. The stock has a market cap of $61,233.10, a P/E ratio of 71.26, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be issued a dividend of $0.285 per share. 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 yield of 2.19%. The ex-dividend date is Friday, February 9th. ConocoPhillips’s dividend payout ratio (DPR) is -212.00%.
ConocoPhillips declared that its board has approved a share repurchase plan on Wednesday, November 8th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the energy producer to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Several equities research analysts recently issued reports on COP shares. Royal Bank of Canada set a $61.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Wednesday, December 20th. Piper Jaffray Companies reissued a “buy” rating and issued a $53.00 target price on shares of ConocoPhillips in a report on Friday, November 3rd. Scotiabank reissued a “buy” rating and issued a $53.00 target price on shares of ConocoPhillips in a report on Wednesday, November 1st. Goldman Sachs Group raised 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. Finally, Cowen set a $70.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and a consensus target price of $59.06.
In related news, Director Charles E. Bunch acquired 2,000 shares of the business’s stock in a transaction on Monday, December 11th. The stock was acquired at an average cost of $52.06 per share, with a total value of $104,120.00. Following the acquisition, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.82% of the company’s stock.
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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