Berkshire Asset Management LLC PA Reduces Holdings in ConocoPhillips (COP)
Berkshire Asset Management LLC PA decreased its holdings in ConocoPhillips (NYSE:COP) by 3.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 26,345 shares of the energy producer’s stock after selling 845 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in ConocoPhillips were worth $2,039,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of COP. IMA Wealth Inc. acquired a new position in shares of ConocoPhillips during the second quarter worth $100,000. Acropolis Investment Management LLC acquired a new position in shares of ConocoPhillips during the second quarter worth $107,000. Adviser Investments LLC grew its stake in shares of ConocoPhillips by 139.4% during the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after purchasing an additional 1,139 shares in the last quarter. Lucia Wealth Services LLC grew its stake in shares of ConocoPhillips by 541.3% during the second quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock worth $157,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Cerebellum GP LLC acquired a new position in shares of ConocoPhillips during the third quarter worth $196,000. Institutional investors and hedge funds own 71.29% of the company’s stock.
In related news, insider Don E. Jr. Wallette sold 59,432 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the completion of the sale, the insider now directly owns 83,047 shares of the company’s stock, valued at $5,968,587.89. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Glenda Mae Schwarz sold 18,882 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the completion of the sale, the vice president now directly owns 29,064 shares of the company’s stock, valued at $2,067,903.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is owned by corporate insiders.
Shares of COP opened at $73.83 on Friday. ConocoPhillips has a 1-year low of $48.97 and a 1-year high of $80.24. The firm has a market capitalization of $89.95 billion, a P/E ratio of 123.05, a P/E/G ratio of 1.95 and a beta of 1.23. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. The firm had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same period in the previous year, the company earned $0.14 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 4.41 earnings per share for the current fiscal year.
ConocoPhillips announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be given a $0.305 dividend. The ex-dividend date is Friday, October 12th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. This represents a $1.22 dividend on an annualized basis and a yield of 1.65%. ConocoPhillips’s payout ratio is 190.00%.
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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