Lowe Brockenbrough & Co. Inc. Trims Stake in ConocoPhillips (COP)
Lowe Brockenbrough & Co. Inc. reduced its position in shares of ConocoPhillips (NYSE:COP) by 8.7% during the 4th quarter, Holdings Channel reports. The firm owned 16,363 shares of the energy producer’s stock after selling 1,550 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in ConocoPhillips were worth $898,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in COP. Krilogy Financial LLC lifted its stake in shares of ConocoPhillips by 48.6% in the second quarter. Krilogy Financial LLC now owns 2,392 shares of the energy producer’s stock worth $105,000 after acquiring an additional 782 shares during the period. Rocky Mountain Advisers LLC lifted its stake in shares of ConocoPhillips by 140.2% in the third quarter. Rocky Mountain Advisers LLC now owns 2,392 shares of the energy producer’s stock worth $120,000 after acquiring an additional 1,396 shares during the period. Clear Perspective Advisors LLC lifted its stake in shares of ConocoPhillips by 75.5% in the second quarter. Clear Perspective Advisors LLC now owns 2,790 shares of the energy producer’s stock worth $123,000 after acquiring an additional 1,200 shares during the period. Lloyds Banking Group plc acquired a new position in shares of ConocoPhillips in the second quarter worth approximately $127,000. Finally, TLP Group LLC acquired a new position in shares of ConocoPhillips in the second quarter worth approximately $142,000. Institutional investors own 69.66% of the company’s stock.
ConocoPhillips (COP) opened at $55.63 on Thursday. The company has a current ratio of 2.38, a quick ratio of 2.23 and a debt-to-equity ratio of 0.64. ConocoPhillips has a 12-month low of $42.26 and a 12-month high of $61.31. The firm has a market capitalization of $65,847.36, a P/E ratio of 76.63, a PEG ratio of 1.86 and a beta of 1.32.
ConocoPhillips declared that its Board of Directors has authorized a share 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 typically a sign that the company’s leadership believes its shares are 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 given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.05%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend 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 bought at an average cost of $52.06 per share, with a total value of $104,120.00. Following the completion of the transaction, the director now directly owns 3,429 shares of the company’s stock, valued at $178,513.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is owned by corporate insiders.
A number of research firms recently commented on COP. Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective on the stock in a research note on Wednesday, January 10th. Barclays lifted their price objective on ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Morgan Stanley lifted their price objective on ConocoPhillips from $48.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Scotiabank reaffirmed a “buy” rating and issued a $53.00 price objective on shares of ConocoPhillips in a research note on Wednesday, November 1st. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $52.00 price objective on shares of ConocoPhillips in a research note on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $58.71.
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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