Flossbach Von Storch AG increased its holdings in shares of ConocoPhillips (NYSE:COP) by 16.7% during the first quarter, Holdings Channel.com reports. The firm owned 188,500 shares of the energy producer’s stock after buying 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 and other institutional investors have also added to or reduced their stakes in COP. Norges Bank bought a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $787,934,000. BlackRock Inc. boosted its stake in shares of ConocoPhillips by 8.6% during the first quarter. BlackRock Inc. now owns 86,102,053 shares of the energy producer’s stock valued at $2,651,945,000 after purchasing an additional 6,842,989 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of ConocoPhillips by 47.4% during the fourth quarter. Nuveen Asset Management LLC now owns 9,656,663 shares of the energy producer’s stock valued at $627,973,000 after purchasing an additional 3,103,199 shares in the last quarter. FMR LLC boosted its stake in shares of ConocoPhillips by 16.0% during the fourth quarter. FMR LLC now owns 19,477,396 shares of the energy producer’s stock valued at $1,266,615,000 after purchasing an additional 2,689,765 shares in the last quarter. Finally, Manning & Napier Group LLC bought a new position in shares of ConocoPhillips during the first quarter valued at approximately $63,481,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.
COP has been the topic of a number of recent research reports. Mizuho increased their price objective on shares of ConocoPhillips from $33.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday. TheStreet cut shares of ConocoPhillips from a “b-” rating to a “c+” rating in a research report on Thursday, March 12th. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Friday, May 1st. Capital One Financial assumed coverage on shares of ConocoPhillips in a research report on Tuesday, February 11th. They set an “overweight” rating and a $70.00 target price for the company. Finally, Morgan Stanley decreased their target price on shares of ConocoPhillips from $79.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, March 16th. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $57.19.
ConocoPhillips (NYSE:COP) last issued its earnings results 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. 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 analysts’ expectations of $6.55 billion. During the same quarter last year, the company posted $1.00 earnings per share. Analysts predict that ConocoPhillips will post -1.32 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 11th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $1.68 annualized dividend and a dividend yield of 3.88%. ConocoPhillips’s dividend payout ratio (DPR) is presently 46.80%.
ConocoPhillips announced that its board has approved a stock buyback plan on Tuesday, February 4th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the energy producer to buy up to 15.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other ConocoPhillips news, Director David Thomas Seaton bought 2,400 shares of ConocoPhillips stock in a transaction that occurred on 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 completion of the acquisition, the director now directly owns 2,500 shares in the company, valued at approximately $102,575. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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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