1832 Asset Management L.P. Increases Position in ConocoPhillips (NYSE:COP)
1832 Asset Management L.P. grew its stake in ConocoPhillips (NYSE:COP) by 9.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 570,122 shares of the energy producer’s stock after buying an additional 47,608 shares during the period. 1832 Asset Management L.P. owned 0.05% of ConocoPhillips worth $16,728,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. BlackRock Inc. boosted its stake in ConocoPhillips by 8.6% during the 1st quarter. BlackRock Inc. now owns 86,102,053 shares of the energy producer’s stock worth $2,651,945,000 after purchasing an additional 6,842,989 shares during the period. State Street Corp boosted its position in shares of ConocoPhillips by 5.3% in the first quarter. State Street Corp now owns 53,080,153 shares of the energy producer’s stock worth $1,634,869,000 after acquiring an additional 2,693,223 shares during the last quarter. Capital International Investors boosted its position in shares of ConocoPhillips by 41.4% in the first quarter. Capital International Investors now owns 25,605,628 shares of the energy producer’s stock worth $788,651,000 after acquiring an additional 7,497,157 shares during the last quarter. Capital World Investors lifted its position in ConocoPhillips by 7.6% during the fourth quarter. Capital World Investors now owns 19,480,517 shares of the energy producer’s stock valued at $1,266,817,000 after buying an additional 1,379,501 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in ConocoPhillips by 999.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 16,516,842 shares of the energy producer’s stock valued at $508,719,000 after buying an additional 15,014,026 shares in the last quarter. Hedge funds and other institutional investors own 72.35% of the company’s stock.
A number of analysts have recently issued reports on the stock. Royal Bank of Canada reiterated a “buy” rating and set a $45.00 price objective on shares of ConocoPhillips in a research note on Thursday, April 30th. Goldman Sachs Group upgraded shares of ConocoPhillips from a “buy” rating to a “conviction-buy” rating in a research note on Monday, May 4th. UBS Group decreased their price objective on shares of ConocoPhillips from $85.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, March 31st. TheStreet downgraded shares of ConocoPhillips from a “b-” rating to a “c+” rating in a report on Thursday, March 12th. Finally, Raymond James decreased their price objective on shares of ConocoPhillips from $63.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, March 17th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $57.17.
NYSE COP traded down $1.34 on Friday, hitting $40.72. 66,542 shares of the company were exchanged, compared to its average volume of 7,806,086. The company’s 50 day moving average price is $43.63 and its 200-day moving average price is $48.50. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.16 and a quick ratio of 2.04. The firm has a market capitalization of $43.95 billion, a P/E ratio of 12.85 and a beta of 1.69. ConocoPhillips has a twelve month low of $20.84 and a twelve month high of $67.13.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, April 30th. The energy producer reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.22. The firm had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $6.55 billion. ConocoPhillips had a return on equity of 10.02% and a net margin of 11.51%. During the same quarter in the previous year, the company earned $1.00 EPS. As a group, equities analysts expect that ConocoPhillips will post -0.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a $0.42 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.13%. ConocoPhillips’s dividend payout ratio is 46.80%.
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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