Holderness Investments Co. Has $392,000 Stake in ConocoPhillips (COP)
Holderness Investments Co. boosted its position in ConocoPhillips (NYSE:COP) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,857 shares of the energy producer’s stock after buying an additional 18 shares during the period. Holderness Investments Co.’s holdings in ConocoPhillips were worth $392,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in ConocoPhillips during the fourth quarter worth $496,521,000. First Eagle Investment Management LLC increased its stake in ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after buying an additional 1,744,860 shares in the last quarter. Putnam Investments LLC increased its stake in ConocoPhillips by 74.5% in the fourth quarter. Putnam Investments LLC now owns 3,810,186 shares of the energy producer’s stock worth $191,043,000 after buying an additional 1,626,806 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in ConocoPhillips by 74.3% in the first quarter. State of New Jersey Common Pension Fund D now owns 2,345,000 shares of the energy producer’s stock worth $116,945,000 after buying an additional 1,000,000 shares in the last quarter. Finally, First Manhattan Co. increased its stake in ConocoPhillips by 71.7% in the first quarter. First Manhattan Co. now owns 2,299,139 shares of the energy producer’s stock worth $99,943,000 after buying an additional 959,712 shares in the last quarter. 67.60% of the stock is owned by institutional investors.
Shares of ConocoPhillips (NYSE COP) opened at 43.07 on Wednesday. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17. The stock’s 50 day moving average price is $44.40 and its 200 day moving average price is $47.16. The company’s market capitalization is $53.28 billion.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Tuesday, May 2nd. The energy producer reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by $0.05. The firm had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. During the same quarter last year, the company posted ($0.95) earnings per share. On average, equities research analysts forecast that ConocoPhillips will post $0.21 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be given a dividend of $0.265 per share. The ex-dividend date is Thursday, July 20th. This represents a $1.06 annualized dividend and a dividend yield of 2.46%. ConocoPhillips’s dividend payout ratio (DPR) is presently -95.50%.
ConocoPhillips declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the energy producer to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.
COP has been the subject of a number of research reports. Cowen and Company reissued a “buy” rating on shares of ConocoPhillips in a report on Friday, April 14th. Scotiabank set a $53.00 target price on ConocoPhillips and gave the stock a “buy” rating in a report on Monday, March 27th. Guggenheim initiated coverage on ConocoPhillips in a report on Tuesday, April 18th. They set a “neutral” rating for the company. Royal Bank Of Canada reissued a “buy” rating and set a $62.00 target price on shares of ConocoPhillips in a report on Thursday, June 15th. Finally, Jefferies Group LLC upgraded ConocoPhillips from a “hold” rating to a “buy” rating and raised their price target for the stock from $55.00 to $59.00 in a research report on Wednesday, May 17th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $55.77.
In other news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.82% of the stock is currently owned by corporate insiders.
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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