Ballentine Partners LLC Has $373,000 Stake in ConocoPhillips (COP)
Ballentine Partners LLC cut its stake in ConocoPhillips (NYSE:COP) by 28.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,787 shares of the energy producer’s stock after selling 2,681 shares during the quarter. Ballentine Partners LLC’s holdings in ConocoPhillips were worth $373,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of COP. BlackRock Inc. boosted its position in shares of ConocoPhillips by 7.8% in the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock worth $3,772,723,000 after purchasing an additional 6,197,896 shares in the last quarter. AJO LP boosted its position in shares of ConocoPhillips by 3,000.7% in the 2nd quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock worth $131,353,000 after purchasing an additional 2,891,652 shares in the last quarter. Boston Partners boosted its position in shares of ConocoPhillips by 41.6% in the 4th 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 in the last quarter. Franklin Resources Inc. boosted its position in shares of ConocoPhillips by 21.6% in the 2nd quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock worth $528,635,000 after purchasing an additional 2,134,292 shares in the last quarter. Finally, Brandywine Global Investment Management LLC boosted its position in shares of ConocoPhillips by 183.5% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 3,138,796 shares of the energy producer’s stock worth $137,982,000 after purchasing an additional 2,031,830 shares in the last quarter. 70.93% of the stock is owned by hedge funds and other institutional investors.
ConocoPhillips (COP) opened at $55.51 on Thursday. The stock has a market capitalization of $62,763.34, a PE ratio of -111.02, a PEG ratio of 1.70 and a beta of 1.32. The company has a quick ratio of 2.23, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. ConocoPhillips has a fifty-two week low of $42.26 and a fifty-two week high of $61.31.
ConocoPhillips declared that its Board of Directors has initiated a stock buyback plan on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Monday, February 12th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, February 9th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s payout ratio is -228.00%.
In related news, Director Charles E. Bunch acquired 2,000 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was acquired at an average price of $52.06 per share, with a total value of $104,120.00. Following the acquisition, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.
A number of analysts have commented on the company. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $61.00 price target for the company in a research report on Wednesday. Citigroup lifted their price target on ConocoPhillips from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Barclays lifted their price target on ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 price target on shares of ConocoPhillips in a research report on Wednesday, January 24th. Finally, Morgan Stanley lifted their price target on ConocoPhillips from $48.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $58.76.
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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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