US Bancorp DE increased its holdings in ConocoPhillips (NYSE:COP) by 0.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,004,158 shares of the energy producer’s stock after buying an additional 2,779 shares during the period. US Bancorp DE owned about 0.09% of ConocoPhillips worth $77,723,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. IMA Wealth Inc. acquired a new position in shares of ConocoPhillips during the second quarter worth $100,000. Acropolis Investment Management LLC acquired a new position in shares of ConocoPhillips during the second quarter worth $107,000. Palo Capital Inc. acquired a new position in shares of ConocoPhillips during the third quarter worth $131,000. Adviser Investments LLC increased its position in shares of ConocoPhillips by 139.4% during the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after purchasing an additional 1,139 shares in the last quarter. Finally, NuWave Investment Management LLC increased its position in shares of ConocoPhillips by 8,000.0% during the third quarter. NuWave Investment Management LLC now owns 2,025 shares of the energy producer’s stock worth $157,000 after purchasing an additional 2,000 shares in the last quarter. 71.67% of the stock is owned by institutional investors.
In related news, SVP Janet Langford Kelly sold 50,000 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $72.37, for a total value of $3,618,500.00. Following the transaction, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at approximately $2,982,440.07. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Don E. Jr. Wallette sold 59,432 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the completion of the transaction, the insider now directly owns 83,047 shares in the company, valued at $5,968,587.89. The disclosure for this sale can be found here. Over the last three months, insiders sold 288,378 shares of company stock worth $20,769,145. 0.88% of the stock is owned by insiders.
ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 25th. The energy producer reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.19. ConocoPhillips had a return on equity of 14.62% and a net margin of 16.08%. The firm had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.48 billion. On average, analysts expect that ConocoPhillips will post 4.76 earnings per share for the current fiscal year.
ConocoPhillips announced that its board has approved a stock repurchase plan on Thursday, July 12th that allows the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization allows the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be given a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 1.80%. This is an increase 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 is presently 203.33%.
A number of equities analysts have recently issued reports on COP shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $80.00 price target on shares of ConocoPhillips in a research report on Wednesday, August 15th. Bank of America downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Thursday, September 6th. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a research report on Monday, October 8th. BMO Capital Markets upped their price target on ConocoPhillips from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, July 27th. Finally, Citigroup upped their price target on ConocoPhillips from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 5th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $75.53.
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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