Flossbach Von Storch AG Grows Stock Holdings in ConocoPhillips (NYSE:COP)
Flossbach Von Storch AG grew its holdings in shares of ConocoPhillips (NYSE:COP) by 16.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 188,500 shares of the energy producer’s stock after purchasing an additional 27,000 shares during the period. Flossbach Von Storch AG’s holdings in ConocoPhillips were worth $5,806,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of ConocoPhillips by 5.0% during the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,710 shares of the energy producer’s stock valued at $241,000 after purchasing an additional 175 shares during the last quarter. Stevens Capital Management LP lifted its holdings in shares of ConocoPhillips by 1.3% during the fourth quarter. Stevens Capital Management LP now owns 13,311 shares of the energy producer’s stock valued at $866,000 after purchasing an additional 176 shares during the last quarter. Beacon Investment Advisory Services Inc. lifted its holdings in shares of ConocoPhillips by 2.6% during the fourth quarter. Beacon Investment Advisory Services Inc. now owns 7,078 shares of the energy producer’s stock valued at $460,000 after purchasing an additional 178 shares during the last quarter. BerganKDV Wealth Management LLC lifted its holdings in shares of ConocoPhillips by 13.8% during the fourth quarter. BerganKDV Wealth Management LLC now owns 1,473 shares of the energy producer’s stock valued at $96,000 after purchasing an additional 179 shares during the last quarter. Finally, Dumont & Blake Investment Advisors LLC lifted its holdings in shares of ConocoPhillips by 1.7% during the fourth quarter. Dumont & Blake Investment Advisors LLC now owns 10,654 shares of the energy producer’s stock valued at $693,000 after purchasing an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 73.89% of the company’s stock.
COP has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “buy” rating and issued a $45.00 price objective on shares of ConocoPhillips in a report on Thursday, April 30th. Morgan Stanley decreased their price objective on shares of ConocoPhillips from $79.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, March 16th. Goldman Sachs Group upgraded shares of ConocoPhillips from a “buy” rating to a “conviction-buy” rating in a report on Monday, May 4th. Mizuho boosted their price objective on shares of ConocoPhillips from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Credit Suisse Group boosted their price objective on shares of ConocoPhillips from $37.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. ConocoPhillips currently has a consensus rating of “Buy” and an average price target of $57.19.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, April 30th. The energy producer reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.22. ConocoPhillips had a net margin of 11.51% and a return on equity of 10.02%. The firm had revenue of $4.81 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the previous year, the firm posted $1.00 EPS. On average, analysts forecast that ConocoPhillips will post -1.32 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 11th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Friday, May 8th. ConocoPhillips’s payout ratio is 46.80%.
ConocoPhillips declared that its Board of Directors has authorized a stock repurchase program on Tuesday, February 4th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the energy producer to buy up to 15.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In other ConocoPhillips news, Director David Thomas Seaton acquired 2,400 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average price of $41.03 per share, with a total value of $98,472.00. Following the transaction, the director now directly owns 2,500 shares in the company, valued at approximately $102,575. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.70% of the company’s stock.
ConocoPhillips Company Profile
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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