Insider Selling: ConocoPhillips (COP) VP Sells $439,865.52 in Stock
ConocoPhillips (NYSE:COP) VP Glenda Mae Schwarz sold 6,763 shares of the company’s stock in a transaction that occurred on Friday, May 25th. The stock was sold at an average price of $65.04, for a total value of $439,865.52. Following the transaction, the vice president now directly owns 10,182 shares of the company’s stock, valued at $662,237.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Shares of COP opened at $65.47 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.86 and a quick ratio of 1.71. ConocoPhillips has a one year low of $42.26 and a one year high of $71.71. The company has a market cap of $76.60 billion, a P/E ratio of 109.12, a PEG ratio of 1.97 and a beta of 1.22.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 26th. The energy producer reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.22. The company had revenue of $8.96 billion during the quarter, compared to analysts’ expectations of $8.68 billion. ConocoPhillips had a positive return on equity of 6.69% and a negative net margin of 1.64%. During the same period in the prior year, the business earned ($0.02) EPS. equities analysts predict that ConocoPhillips will post 3.69 EPS for the current year.
ConocoPhillips announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the energy producer to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
Several brokerages have recently weighed in on COP. Macquarie downgraded ConocoPhillips from an “outperform” rating to a “neutral” rating in a research note on Thursday, April 26th. They noted that the move was a valuation call. Barclays upped their target price on ConocoPhillips from $71.00 to $78.00 and gave the stock an “overweight” rating in a research note on Friday, April 27th. ValuEngine raised ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Friday, April 13th. Jefferies Group downgraded ConocoPhillips from a “buy” rating to a “hold” rating and upped their target price for the stock from $66.42 to $68.00 in a research note on Thursday, April 19th. Finally, Zacks Investment Research downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Friday, April 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $63.50.
A number of large investors have recently modified their holdings of COP. Boston Partners grew its holdings in ConocoPhillips by 41.6% in the 4th quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock valued at $449,252,000 after buying an additional 2,403,806 shares in the last quarter. Millennium Management LLC grew its holdings in ConocoPhillips by 77.9% in the 1st quarter. Millennium Management LLC now owns 4,136,386 shares of the energy producer’s stock valued at $245,246,000 after buying an additional 1,811,555 shares in the last quarter. Lazard Asset Management LLC grew its holdings in ConocoPhillips by 35.7% in the 4th quarter. Lazard Asset Management LLC now owns 5,665,128 shares of the energy producer’s stock valued at $310,957,000 after buying an additional 1,490,618 shares in the last quarter. Prudential Financial Inc. grew its holdings in ConocoPhillips by 35.2% in the 1st quarter. Prudential Financial Inc. now owns 4,926,665 shares of the energy producer’s stock valued at $292,101,000 after buying an additional 1,282,558 shares in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in ConocoPhillips in the 1st quarter valued at $71,270,000. Institutional investors own 71.21% of the company’s stock.
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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