Mirae Asset Global Investments Co. Ltd. grew its stake in ConocoPhillips (NYSE:COP) by 59.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 326,678 shares of the energy producer’s stock after buying an additional 122,285 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in ConocoPhillips were worth $25,287,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Impax Asset Management LLC boosted its stake in shares of ConocoPhillips by 0.5% in the second quarter. Impax Asset Management LLC now owns 241,107 shares of the energy producer’s stock worth $16,786,000 after acquiring an additional 1,108 shares during the period. Signature Financial Management Inc. bought a new position in shares of ConocoPhillips in the second quarter worth about $303,000. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of ConocoPhillips by 2.3% in the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 88,826 shares of the energy producer’s stock worth $6,184,000 after acquiring an additional 2,000 shares during the period. First Quadrant L P CA boosted its stake in shares of ConocoPhillips by 3,294.8% in the third quarter. First Quadrant L P CA now owns 332,455 shares of the energy producer’s stock worth $25,732,000 after acquiring an additional 322,662 shares during the period. Finally, Frontier Investment Mgmt Co. boosted its stake in shares of ConocoPhillips by 17.2% in the second quarter. Frontier Investment Mgmt Co. now owns 6,006 shares of the energy producer’s stock worth $418,000 after acquiring an additional 882 shares during the period. Institutional investors and hedge funds own 71.77% of the company’s stock.
A number of research firms have recently weighed in on COP. Zacks Investment Research lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Thursday, November 22nd. Morgan Stanley dropped their price objective on ConocoPhillips from $88.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, November 20th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $66.00 price objective on shares of ConocoPhillips in a research note on Monday, November 19th. BMO Capital Markets set a $78.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research note on Monday, November 12th. Finally, Bank of America raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Monday, October 29th. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $75.37.
Shares of ConocoPhillips stock opened at $66.18 on Friday. ConocoPhillips has a 12 month low of $49.72 and a 12 month high of $80.24. The company has a market cap of $76.98 billion, a P/E ratio of 110.30, a PEG ratio of 1.57 and a beta of 1.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.99 and a quick ratio of 1.82.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 25th. The energy producer reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.19. ConocoPhillips had a return on equity of 14.62% and a net margin of 16.08%. The company had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.48 billion. Research analysts predict that ConocoPhillips will post 4.75 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, October 15th will be paid a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 1.84%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Friday, October 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 203.33%.
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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: Return on Equity (ROE)
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