First Merchants Corp Cuts Position in ConocoPhillips (COP)
First Merchants Corp trimmed its position in ConocoPhillips (NYSE:COP) by 5.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,431 shares of the energy producer’s stock after selling 1,791 shares during the period. First Merchants Corp’s holdings in ConocoPhillips were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of ConocoPhillips by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock valued at $3,980,473,000 after acquiring an additional 1,694,618 shares during the period. BlackRock Inc. increased its position in shares of ConocoPhillips by 7.8% in the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after acquiring an additional 6,197,896 shares during the period. Bank of New York Mellon Corp increased its position in shares of ConocoPhillips by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 15,774,835 shares of the energy producer’s stock valued at $693,462,000 after acquiring an additional 397,339 shares during the period. Franklin Resources Inc. boosted its holdings in ConocoPhillips by 21.6% in the second quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock valued at $528,635,000 after purchasing an additional 2,134,292 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its holdings in ConocoPhillips by 3.0% in the third quarter. First Eagle Investment Management LLC now owns 10,608,598 shares of the energy producer’s stock valued at $530,960,000 after purchasing an additional 309,683 shares during the last quarter. 69.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ConocoPhillips (NYSE:COP) opened at $55.94 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.23 and a current ratio of 2.38. ConocoPhillips has a 12 month low of $42.26 and a 12 month high of $61.31. The stock has a market cap of $65,847.36, a PE ratio of 76.63, a PEG ratio of 1.86 and a beta of 1.32.
ConocoPhillips announced that its board has initiated a stock repurchase program on Wednesday, November 8th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the energy producer to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Monday, February 12th will be paid a dividend of $0.285 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. This represents a $1.14 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Friday, February 9th. ConocoPhillips’s dividend payout ratio is presently -212.00%.
In other news, Director Charles E. Bunch bought 2,000 shares of the stock in a transaction dated Monday, December 11th. The shares were acquired at an average cost of $52.06 per share, with a total value of $104,120.00. Following the purchase, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.82% of the company’s stock.
Several research firms have commented on COP. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $63.00 price target on shares of ConocoPhillips in a report on Wednesday, January 24th. Morgan Stanley upped their price target on shares of ConocoPhillips from $48.00 to $65.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. Macquarie began coverage on shares of ConocoPhillips in a report on Wednesday, January 17th. They issued an “outperform” rating on the stock. Cowen set a $70.00 price target on shares of ConocoPhillips and gave the company a “buy” rating in a report on Thursday, January 18th. Finally, Barclays upped their price target on shares of ConocoPhillips from $59.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $58.71.
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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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