Allied Investment Advisors LLC Takes $224,000 Position in ConocoPhillips (COP)
Allied Investment Advisors LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,082 shares of the energy producer’s stock, valued at approximately $224,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in COP. Freestone Capital Holdings LLC grew its position in ConocoPhillips by 78.7% during the second quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock valued at $354,000 after buying an additional 3,543 shares during the period. Point View Wealth Management Inc. grew its position in ConocoPhillips by 19.8% during the second quarter. Point View Wealth Management Inc. now owns 32,939 shares of the energy producer’s stock valued at $1,448,000 after buying an additional 5,452 shares during the period. Toronto Dominion Bank grew its position in ConocoPhillips by 16.1% during the second quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock valued at $27,092,000 after buying an additional 85,538 shares during the period. Korea Investment CORP grew its position in ConocoPhillips by 32.8% during the third quarter. Korea Investment CORP now owns 1,026,000 shares of the energy producer’s stock valued at $51,351,000 after buying an additional 253,600 shares during the period. Finally, MUFG Securities EMEA plc bought a new stake in ConocoPhillips during the second quarter valued at approximately $26,376,000. 69.66% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Charles E. Bunch bought 2,000 shares of the stock in a transaction dated Monday, December 11th. The shares were purchased at an average price of $52.06 per share, with a total value of $104,120.00. Following the completion of the acquisition, the director now owns 3,429 shares of the company’s stock, valued at $178,513.74. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by insiders.
ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 1st. The energy producer reported $0.45 EPS for the quarter, hitting the consensus estimate of $0.45. ConocoPhillips had a negative net margin of 2.04% and a positive return on equity of 2.78%. The firm had revenue of $8.74 billion for the quarter, compared to the consensus estimate of $7.70 billion. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. research analysts expect that ConocoPhillips will post 2.79 EPS for the current fiscal year.
ConocoPhillips declared that its board has approved a stock repurchase program on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Monday, February 12th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, February 9th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s payout ratio is -163.08%.
Several analysts recently issued reports on COP shares. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 price target for the company in a research report on Wednesday, January 10th. Citigroup upped their price target on shares of ConocoPhillips from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday. Barclays upped their price target on shares of ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Scotiabank reiterated a “buy” rating and issued a $53.00 price target on shares of ConocoPhillips in a research report on Wednesday, November 1st. Finally, Morgan Stanley upped their price target on shares of ConocoPhillips from $48.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. ConocoPhillips has a consensus rating of “Buy” and an average target price of $59.06.
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ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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