State Board of Administration of Florida Retirement System grew its stake in ConocoPhillips (NYSE:COP) by 0.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,675,702 shares of the energy producer’s stock after acquiring an additional 12,642 shares during the period. State Board of Administration of Florida Retirement System’s holdings in ConocoPhillips were worth $116,662,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. IMA Wealth Inc. purchased a new stake in ConocoPhillips during the 2nd quarter worth approximately $100,000. Centaurus Financial Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $104,000. Acropolis Investment Management LLC purchased a new stake in shares of ConocoPhillips in the 2nd quarter valued at approximately $107,000. Adviser Investments LLC increased its position in shares of 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. Finally, Bristol John W & Co. Inc. NY purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $142,000. 71.20% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Glenda Mae Schwarz sold 6,763 shares of the company’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $65.04, for a total value of $439,865.52. Following the completion of the transaction, the vice president now owns 10,182 shares in the company, valued at approximately $662,237.28. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Janet Langford Kelly sold 504 shares of the company’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $71.00, for a total transaction of $35,784.00. Following the completion of the transaction, the senior vice president now owns 41,211 shares of the company’s stock, valued at approximately $2,925,981. The disclosure for this sale can be found here. In the last 90 days, insiders sold 120,947 shares of company stock valued at $8,482,746. Company insiders own 0.88% of the company’s stock.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, beating the 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 business had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter in the prior year, the business posted $0.14 EPS. research analysts expect that ConocoPhillips will post 4.26 earnings per share for the current year.
ConocoPhillips declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to buy up to 10.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Monday, July 23rd will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Friday, July 20th. ConocoPhillips’s payout ratio is 190.00%.
A number of equities research analysts have commented on the stock. BMO Capital Markets increased their price objective on shares of ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, July 27th. Morgan Stanley increased their price objective on shares of ConocoPhillips from $82.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 27th. JPMorgan Chase & Co. increased their price objective on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, July 27th. Barclays increased their price objective on shares of ConocoPhillips from $78.00 to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, July 11th. Finally, Royal Bank of Canada increased their price objective on shares of ConocoPhillips from $82.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $70.63.
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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