Alambic Investment Management L.P. Sells 54,300 Shares of ConocoPhillips (COP)
Alambic Investment Management L.P. lowered its position in shares of ConocoPhillips (NYSE:COP) by 41.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 76,840 shares of the energy producer’s stock after selling 54,300 shares during the period. Alambic Investment Management L.P.’s holdings in ConocoPhillips were worth $4,218,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in ConocoPhillips by 468.8% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,820 shares of the energy producer’s stock worth $100,000 after purchasing an additional 1,500 shares during the period. Kovack Advisors Inc. acquired a new stake in ConocoPhillips in the fourth quarter worth about $1,241,000. Allied Investment Advisors LLC acquired a new stake in ConocoPhillips in the fourth quarter worth about $224,000. Boston Partners lifted its holdings in ConocoPhillips by 41.6% in the fourth quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock worth $449,252,000 after purchasing an additional 2,403,806 shares during the period. Finally, North Star Asset Management Inc. lifted its holdings in ConocoPhillips by 49.1% in the fourth quarter. North Star Asset Management Inc. now owns 11,641 shares of the energy producer’s stock worth $639,000 after purchasing an additional 3,836 shares during the period. Institutional investors and hedge funds own 70.93% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) opened at $53.41 on Tuesday. ConocoPhillips has a 1-year low of $42.26 and a 1-year high of $61.31. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.38 and a quick ratio of 2.23. The firm has a market cap of $63,850.00, a PE ratio of -82.17, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32.
ConocoPhillips announced that its board has approved a share repurchase plan on Wednesday, November 8th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the energy producer to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 2.13%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, February 9th. ConocoPhillips’s dividend payout ratio is presently -163.08%.
In other ConocoPhillips news, Director Charles E. Bunch purchased 2,000 shares of the business’s stock in a transaction on Monday, December 11th. The stock was bought at an average cost of $52.06 per share, with a total value of $104,120.00. Following the acquisition, the director now owns 3,429 shares of the company’s stock, valued at $178,513.74. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.82% of the stock is currently owned by corporate insiders.
Several equities research analysts recently weighed in on COP shares. Barclays upped their price objective on shares of ConocoPhillips from $55.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 27th. Royal Bank of Canada upped their price objective on shares of ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Scotiabank reaffirmed a “buy” rating and issued a $53.00 price objective on shares of ConocoPhillips in a report on Wednesday, November 1st. Howard Weil downgraded shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 price objective for the company. in a report on Friday, December 22nd. Finally, Zacks Investment Research downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $59.06.
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ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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