Renaissance Technologies LLC Invests $17.03 Million in ConocoPhillips (COP) Stock
Renaissance Technologies LLC purchased a new position in ConocoPhillips (NYSE:COP) during the second quarter, Holdings Channel reports. The fund purchased 244,613 shares of the energy producer’s stock, valued at approximately $17,030,000.
A number of other institutional investors also recently made changes to their positions in the business. GWM Advisors LLC lifted its holdings in ConocoPhillips by 12.0% in the 1st quarter. GWM Advisors LLC now owns 12,913 shares of the energy producer’s stock worth $750,000 after buying an additional 1,379 shares in the last quarter. Sei Investments Co. increased its position in shares of ConocoPhillips by 12.2% in the 1st quarter. Sei Investments Co. now owns 588,885 shares of the energy producer’s stock worth $34,916,000 after purchasing an additional 63,926 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of ConocoPhillips by 20.1% in the 1st quarter. Jones Financial Companies Lllp now owns 19,281 shares of the energy producer’s stock worth $1,143,000 after purchasing an additional 3,226 shares during the last quarter. Bristol John W & Co. Inc. NY bought a new stake in shares of ConocoPhillips in the 1st quarter worth about $142,000. Finally, Gifford Fong Associates bought a new stake in shares of ConocoPhillips in the 1st quarter worth about $949,000. 71.24% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Glenda Mae Schwarz sold 18,882 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the completion of the sale, the vice president now owns 29,064 shares of the company’s stock, valued at approximately $2,067,903.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Ryan Michael Lance sold 160,064 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $72.07, for a total transaction of $11,535,812.48. Following the sale, the chairman now directly owns 106,312 shares of the company’s stock, valued at approximately $7,661,905.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 288,378 shares of company stock valued at $20,769,145. Insiders own 0.88% of the company’s stock.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. The business had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.79 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. equities analysts expect that ConocoPhillips will post 4.41 earnings per share for the current fiscal year.
ConocoPhillips declared that its board has approved a stock repurchase program on Thursday, July 12th that permits the company to repurchase $9.00 billion in shares. This repurchase authorization permits the energy producer to reacquire up to 10.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Monday, July 23rd were given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Friday, July 20th. ConocoPhillips’s dividend payout ratio is presently 190.00%.
Several research firms have recently weighed in on COP. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Thursday, August 23rd. Mizuho began coverage on shares of ConocoPhillips in a research report on Friday, June 8th. They issued a “neutral” rating and a $73.00 target price for the company. Barclays boosted their target price on shares of ConocoPhillips from $78.00 to $84.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 11th. JPMorgan Chase & Co. boosted their target price on shares of ConocoPhillips from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Finally, Morgan Stanley boosted their target price on shares of ConocoPhillips from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. ConocoPhillips currently has a consensus rating of “Buy” and an average price target of $72.20.
ConocoPhillips Company Profile
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate and Other.
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