Burney Co. trimmed its position in ConocoPhillips (NYSE:COP) by 9.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,635 shares of the energy producer’s stock after selling 1,136 shares during the quarter. Burney Co.’s holdings in ConocoPhillips were worth $631,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners grew its stake in ConocoPhillips by 41.6% during the 4th quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock worth $449,252,000 after buying an additional 2,403,806 shares during the last quarter. Lazard Asset Management LLC grew its stake in ConocoPhillips by 35.7% during the 4th quarter. Lazard Asset Management LLC now owns 5,665,128 shares of the energy producer’s stock worth $310,957,000 after buying an additional 1,490,618 shares during the last quarter. Prudential Financial Inc. grew its stake in ConocoPhillips by 35.2% during the 1st quarter. Prudential Financial Inc. now owns 4,926,665 shares of the energy producer’s stock worth $292,101,000 after buying an additional 1,282,558 shares during the last quarter. Mackenzie Financial Corp bought a new position in ConocoPhillips during the 4th quarter worth $54,960,000. Finally, Argent Capital Management LLC grew its stake in ConocoPhillips by 211.7% during the 1st quarter. Argent Capital Management LLC now owns 1,237,147 shares of the energy producer’s stock worth $73,350,000 after buying an additional 840,295 shares during the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.
Shares of ConocoPhillips opened at $70.66 on Friday, MarketBeat Ratings reports. The company has a quick ratio of 1.71, a current ratio of 1.86 and a debt-to-equity ratio of 0.54. ConocoPhillips has a 1 year low of $69.10 and a 1 year high of $70.19. The firm has a market cap of $82.01 billion, a price-to-earnings ratio of 117.77, a price-to-earnings-growth ratio of 2.16 and a beta of 1.22.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Monday, May 14th will be given a dividend of $0.285 per share. The ex-dividend date is Friday, May 11th. This represents a $1.14 dividend on an annualized basis and a yield of 1.61%. ConocoPhillips’s dividend payout ratio (DPR) is presently 190.00%.
ConocoPhillips announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 1st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the energy producer to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
COP has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on ConocoPhillips from $48.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Cowen set a $70.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research note on Thursday, January 18th. Royal Bank of Canada set a $70.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research note on Friday, April 13th. Edward Jones downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Finally, Barclays upped their price objective on ConocoPhillips from $71.00 to $78.00 and gave the stock an “overweight” rating in a research note on Friday, April 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $63.50.
In other ConocoPhillips news, SVP Andrew D. Lundquist sold 25,000 shares of the business’s stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $58.96, for a total transaction of $1,474,000.00. Following the completion of the transaction, the senior vice president now owns 27,353 shares in the company, valued at approximately $1,612,732.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Janet Langford Kelly sold 64,184 shares of the company’s stock in a transaction on Monday, May 14th. The shares were sold at an average price of $70.00, for a total value of $4,492,880.00. Following the completion of the sale, the senior vice president now owns 105,395 shares of the company’s stock, valued at approximately $7,377,650. The disclosure for this sale can be found here. Insiders have sold a total of 252,289 shares of company stock valued at $16,975,668 in the last quarter. 0.88% of the stock is currently owned by insiders.
ConocoPhillips Company Profile
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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