Boston Partners Boosts Stake in ConocoPhillips (COP)
Boston Partners grew its holdings in shares of ConocoPhillips (NYSE:COP) by 4.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,577,059 shares of the energy producer’s stock after purchasing an additional 363,322 shares during the period. Boston Partners’ holdings in ConocoPhillips were worth $597,135,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. IMA Wealth Inc. bought a new position in shares of ConocoPhillips during the 2nd quarter valued at about $100,000. Centaurus Financial Inc. bought a new position in shares of ConocoPhillips during the 1st quarter valued at about $104,000. Acropolis Investment Management LLC bought a new position in shares of ConocoPhillips during the 2nd quarter valued at about $107,000. Adviser Investments LLC boosted its position in shares of ConocoPhillips by 139.4% during the 2nd quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after purchasing an additional 1,139 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY bought a new position in shares of ConocoPhillips during the 1st quarter valued at about $142,000. Institutional investors own 71.20% of the company’s stock.
COP stock opened at $71.75 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.75 and a debt-to-equity ratio of 0.48. ConocoPhillips has a one year low of $42.26 and a one year high of $73.75. The stock has a market cap of $84.72 billion, a price-to-earnings ratio of 119.58, a PEG ratio of 1.90 and a beta of 1.20.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Monday, July 23rd will be given a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is 190.00%.
ConocoPhillips announced that its board has initiated a share repurchase program on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
COP has been the subject of several research reports. Edward Jones lowered shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Royal Bank of Canada set a $70.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Friday, April 13th. Argus set a $76.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Friday, May 4th. TheStreet upgraded shares of ConocoPhillips from a “c+” rating to a “b-” rating in a research report on Wednesday, April 25th. Finally, Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Wednesday, June 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $70.63.
In other news, VP Glenda Mae Schwarz sold 6,763 shares of the stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $65.04, for a total value of $439,865.52. Following the completion of the sale, the vice president now directly owns 10,182 shares of the company’s stock, valued at $662,237.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Janet Langford Kelly sold 504 shares of the stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $71.00, for a total transaction of $35,784.00. Following the completion of the sale, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at $2,925,981. The disclosure for this sale can be found here. Insiders sold 120,947 shares of company stock valued at $8,482,746 over the last three months. 0.88% of the stock is owned by insiders.
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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