Lateef Investment Management L.P. Decreases Position in Anadarko Petroleum Co. (APC)
Lateef Investment Management L.P. trimmed its position in shares of Anadarko Petroleum Co. (NYSE:APC) by 3.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 404,144 shares of the oil and gas development company’s stock after selling 14,977 shares during the period. Anadarko Petroleum comprises 4.0% of Lateef Investment Management L.P.’s investment portfolio, making the stock its 12th largest position. Lateef Investment Management L.P. owned 0.08% of Anadarko Petroleum worth $29,604,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in APC. Boston Partners raised its holdings in shares of Anadarko Petroleum by 63.1% during the 1st quarter. Boston Partners now owns 7,176,573 shares of the oil and gas development company’s stock valued at $433,537,000 after buying an additional 2,777,166 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Anadarko Petroleum by 46.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,941,486 shares of the oil and gas development company’s stock valued at $581,714,000 after buying an additional 2,536,173 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in shares of Anadarko Petroleum by 5,171.5% during the 1st quarter. Summit Trail Advisors LLC now owns 1,402,633 shares of the oil and gas development company’s stock valued at $1,403,000 after buying an additional 1,376,025 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in shares of Anadarko Petroleum during the 1st quarter valued at about $59,123,000. Finally, AGF Investments Inc. raised its holdings in shares of Anadarko Petroleum by 1,887.4% during the 1st quarter. AGF Investments Inc. now owns 976,622 shares of the oil and gas development company’s stock valued at $58,998,000 after buying an additional 927,481 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.
A number of brokerages recently weighed in on APC. Piper Jaffray Companies reissued a “buy” rating and set a $89.00 price objective on shares of Anadarko Petroleum in a report on Friday, July 20th. Stifel Nicolaus reduced their price target on Anadarko Petroleum from $73.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, May 2nd. Jefferies Financial Group set a $77.00 price target on Anadarko Petroleum and gave the stock a “buy” rating in a research report on Wednesday, April 25th. Seaport Global Securities restated a “buy” rating on shares of Anadarko Petroleum in a research report on Wednesday, July 25th. Finally, Citigroup reduced their price target on Anadarko Petroleum from $76.00 to $74.00 and set a “neutral” rating on the stock in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $78.15.
Anadarko Petroleum (NYSE:APC) last issued its quarterly earnings data on Tuesday, July 31st. The oil and gas development company reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.06). The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.08 billion. Anadarko Petroleum had a return on equity of 1.85% and a net margin of 3.63%. Anadarko Petroleum’s quarterly revenue was up 21.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.75) earnings per share. research analysts forecast that Anadarko Petroleum Co. will post 2.96 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 12th will be given a $0.25 dividend. The ex-dividend date is Tuesday, September 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.60%. Anadarko Petroleum’s dividend payout ratio is currently -51.02%.
Anadarko Petroleum announced that its Board of Directors has authorized a share buyback program on Monday, July 9th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas development company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
Anadarko Petroleum Profile
Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Exploration and Production, WES Midstream, and Other Midstream. The company explores for and produces oil, natural gas, and natural gas liquids (NGLs).
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