ConocoPhillips (COP) Holdings Lifted by Quantitative Systematic Strategies LLC
Quantitative Systematic Strategies LLC raised its holdings in ConocoPhillips (NYSE:COP) by 74.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,575 shares of the energy producer’s stock after acquiring an additional 9,177 shares during the period. Quantitative Systematic Strategies LLC’s holdings in ConocoPhillips were worth $1,502,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. IMA Wealth Inc. bought a new position in ConocoPhillips in the second quarter valued at about $100,000. Centaurus Financial Inc. bought a new position in ConocoPhillips in the first quarter valued at about $104,000. Acropolis Investment Management LLC bought a new position in ConocoPhillips in the second quarter valued at about $107,000. Adviser Investments LLC grew its position in ConocoPhillips by 139.4% in the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after acquiring an additional 1,139 shares during the last quarter. Finally, Bristol John W & Co. Inc. NY bought a new position in ConocoPhillips in the first quarter valued at about $142,000. Hedge funds and other institutional investors own 71.47% of the company’s stock.
NYSE:COP opened at $69.77 on Friday. The stock has a market cap of $83.60 billion, a PE ratio of 116.28, a PEG ratio of 1.88 and a beta of 1.20. The company has a current ratio of 1.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.48. ConocoPhillips has a 1-year low of $42.26 and a 1-year high of $73.75.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Monday, July 23rd will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Friday, July 20th. ConocoPhillips’s dividend payout ratio is currently 190.00%.
ConocoPhillips declared that its board has approved a share buyback program on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization authorizes the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
A number of research analysts have issued reports on COP shares. Jefferies Financial Group reiterated a “hold” rating and issued a $80.00 target price on shares of ConocoPhillips in a research report on Wednesday. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 price target on the stock in a report on Wednesday, June 13th. BMO Capital Markets boosted their price target on ConocoPhillips from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, July 27th. Barclays boosted their price target on ConocoPhillips from $71.00 to $78.00 and gave the stock an “overweight” rating in a report on Friday, April 27th. Finally, Sanford C. Bernstein upgraded ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 price target on the stock in a report on Friday, June 8th. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $71.32.
In related news, SVP Janet Langford Kelly sold 49,496 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $71.00, for a total value of $3,514,216.00. Following the transaction, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at $2,925,981. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Glenda Mae Schwarz sold 6,763 shares of ConocoPhillips 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 completion of the transaction, the vice president now directly owns 10,182 shares in the company, valued at $662,237.28. The disclosure for this sale can be found here. 0.88% of the stock is owned by insiders.
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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