Capital International Investors grew its position in ConocoPhillips (NYSE:COP) by 8.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,108,471 shares of the energy producer’s stock after purchasing an additional 1,345,285 shares during the period. Capital International Investors’ holdings in ConocoPhillips were worth $1,177,594,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Executive Wealth Management LLC increased its position in ConocoPhillips by 18.6% in the 3rd quarter. Executive Wealth Management LLC now owns 1,769 shares of the energy producer’s stock worth $100,000 after purchasing an additional 278 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co acquired a new stake in ConocoPhillips during the 3rd quarter worth about $6,974,000. Psagot Investment House Ltd. acquired a new stake in ConocoPhillips during the 3rd quarter worth about $14,784,000. Voya Investment Management LLC grew its stake in shares of ConocoPhillips by 12.7% in the 3rd quarter. Voya Investment Management LLC now owns 2,181,874 shares of the energy producer’s stock valued at $124,323,000 after buying an additional 246,595 shares during the period. Finally, Voya Financial Advisors Inc. grew its stake in shares of ConocoPhillips by 14.5% in the 3rd quarter. Voya Financial Advisors Inc. now owns 23,661 shares of the energy producer’s stock valued at $1,370,000 after buying an additional 2,997 shares during the period. Institutional investors own 73.67% of the company’s stock.
NYSE COP traded up $0.76 during trading hours on Thursday, hitting $31.70. The company’s stock had a trading volume of 4,834,484 shares, compared to its average volume of 16,149,939. ConocoPhillips has a 52 week low of $20.84 and a 52 week high of $69.60. The company has a market capitalization of $33.23 billion, a PE ratio of 4.96, a price-to-earnings-growth ratio of 13.90 and a beta of 1.21. The company has a current ratio of 2.40, a quick ratio of 2.26 and a debt-to-equity ratio of 0.42. The company’s 50-day simple moving average is $46.28 and its two-hundred day simple moving average is $56.47.
ConocoPhillips declared that its board has approved a stock buyback program on Tuesday, February 4th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the energy producer to reacquire up to 15.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 14th were given a dividend of $0.42 per share. The ex-dividend date was Thursday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 5.30%. ConocoPhillips’s dividend payout ratio is currently 46.80%.
In other ConocoPhillips news, SVP Ellen Desanctis sold 41,882 shares of ConocoPhillips stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $58.55, for a total transaction of $2,452,191.10. Following the transaction, the senior vice president now owns 32,902 shares of the company’s stock, valued at approximately $1,926,412.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.66% of the stock is owned by company insiders.
Several brokerages have recently commented on COP. Morgan Stanley reduced their target price on ConocoPhillips from $79.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, March 16th. Capital One Financial began coverage on ConocoPhillips in a research note on Tuesday, February 11th. They issued an “overweight” rating and a $70.00 target price for the company. Scotiabank downgraded ConocoPhillips from a “sector outperform” rating to a “sector perform” rating and set a $74.00 target price for the company. in a research note on Thursday, January 23rd. TheStreet downgraded ConocoPhillips from a “b-” rating to a “c+” rating in a research note on Thursday, March 12th. Finally, Raymond James reduced their target price on ConocoPhillips from $63.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, March 17th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $66.05.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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