Gables Capital Management Inc. Sells 4,000 Shares of ConocoPhillips (COP)

Gables Capital Management Inc. lowered its holdings in ConocoPhillips (NYSE:COP) by 7.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,118 shares of the energy producer’s stock after selling 4,000 shares during the quarter. ConocoPhillips accounts for about 2.8% of Gables Capital Management Inc.’s investment portfolio, making the stock its 5th biggest position. Gables Capital Management Inc.’s holdings in ConocoPhillips were worth $3,647,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of COP. IMA Wealth Inc. bought a new stake in ConocoPhillips in the second quarter valued at about $100,000. Acropolis Investment Management LLC bought a new stake in ConocoPhillips during the second quarter worth about $107,000. Palo Capital Inc. bought a new stake in ConocoPhillips during the third quarter worth about $131,000. Adviser Investments LLC grew its stake in 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 buying an additional 1,139 shares during the last quarter. Finally, Lucia Wealth Services LLC grew its stake in 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 buying an additional 1,900 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

In other news, VP Glenda Mae Schwarz sold 18,882 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 29,064 shares in the company, valued at $2,067,903.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Ryan Michael Lance sold 160,064 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $72.07, for a total transaction of $11,535,812.48. Following the transaction, the chairman now owns 106,312 shares in the company, valued at $7,661,905.84. The disclosure for this sale can be found here. Insiders have sold 288,378 shares of company stock worth $20,769,145 over the last quarter. 0.88% of the stock is owned by company insiders.

COP has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $80.00 price objective on shares of ConocoPhillips in a research note on Wednesday, August 15th. Bank of America cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Thursday, September 6th. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research note on Monday, October 8th. BMO Capital Markets upped their price objective on shares of ConocoPhillips from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, July 27th. Finally, Citigroup upped their price objective on shares of ConocoPhillips from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 5th. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $75.53.

Shares of COP stock opened at $70.03 on Thursday. ConocoPhillips has a 1 year low of $48.97 and a 1 year high of $80.24. The company has a market cap of $80.01 billion, a PE ratio of 116.72, a P/E/G ratio of 1.61 and a beta of 1.22. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 25th. The energy producer reported $1.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.19. ConocoPhillips had a net margin of 16.08% and a return on equity of 14.62%. The company had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.48 billion. Research analysts predict that ConocoPhillips will post 4.79 EPS for the current year.

ConocoPhillips declared that its Board of Directors has initiated a share buyback program on Thursday, July 12th that authorizes the company to buyback $9.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to repurchase up to 10.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, October 15th will be given a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, October 12th. ConocoPhillips’s dividend payout ratio is presently 203.33%.

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ConocoPhillips Profile

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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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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