Port Capital LLC Acquires New Stake in ConocoPhillips (COP)
Port Capital LLC acquired a new position in shares of ConocoPhillips (NYSE:COP) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,347 shares of the energy producer’s stock, valued at approximately $646,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Palo Capital Inc. bought a new stake in ConocoPhillips during the third quarter worth about $131,000. Adviser Investments LLC lifted its holdings in shares of ConocoPhillips by 139.4% in the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after acquiring an additional 1,139 shares during the last quarter. NuWave Investment Management LLC lifted its holdings in shares of ConocoPhillips by 8,000.0% in the third quarter. NuWave Investment Management LLC now owns 2,025 shares of the energy producer’s stock worth $157,000 after acquiring an additional 2,000 shares during the last quarter. Lucia Wealth Services LLC lifted its holdings in shares of ConocoPhillips by 541.3% in the second quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock worth $157,000 after acquiring an additional 1,900 shares during the last quarter. Finally, Howe & Rusling Inc. lifted its holdings in shares of ConocoPhillips by 1,472.7% in the third quarter. Howe & Rusling Inc. now owns 2,359 shares of the energy producer’s stock worth $183,000 after acquiring an additional 2,209 shares during the last quarter. 71.89% of the stock is owned by institutional investors and hedge funds.
COP has been the subject of a number of research reports. Jefferies Financial Group reissued a “hold” rating and issued a $80.00 target price on shares of ConocoPhillips in a report on Wednesday, August 15th. Morgan Stanley increased their target price on shares of ConocoPhillips from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Monday, August 20th. Bank of America cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Thursday, September 6th. Finally, Royal Bank of Canada cut shares of ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 target price for the company. in a report on Thursday, September 20th. They noted that the move was a valuation call. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. ConocoPhillips currently has a consensus rating of “Buy” and a consensus price target of $74.63.
Shares of NYSE COP opened at $68.45 on Friday. The company has a market capitalization of $77.04 billion, a P/E ratio of 114.74, a price-to-earnings-growth ratio of 1.57 and a beta of 1.22. ConocoPhillips has a 1 year low of $50.08 and a 1 year high of $80.24. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.99 and a quick ratio of 1.82.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 25th. The energy producer reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.19. The business had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.48 billion. ConocoPhillips had a net margin of 16.08% and a return on equity of 14.62%. Analysts forecast that ConocoPhillips will post 4.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Investors of record on Monday, October 15th were issued a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Friday, October 12th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s dividend payout ratio (DPR) is 203.33%.
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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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