Worldquant Millennium Quantitative Strategies LLC Invests $13.52 Million in ConocoPhillips (COP)
Worldquant Millennium Quantitative Strategies LLC bought a new stake in ConocoPhillips (NYSE:COP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 194,258 shares of the energy producer’s stock, valued at approximately $13,524,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its stake in ConocoPhillips by 77.9% during the first quarter. Millennium Management LLC now owns 4,136,386 shares of the energy producer’s stock worth $245,246,000 after purchasing an additional 1,811,555 shares during the period. Hexavest Inc. bought a new position in ConocoPhillips during the second quarter worth about $85,972,000. Rockefeller Capital Management L.P. bought a new position in ConocoPhillips during the first quarter worth about $71,270,000. CI Investments Inc. lifted its stake in ConocoPhillips by 1,199.6% during the first quarter. CI Investments Inc. now owns 916,597 shares of the energy producer’s stock worth $54,345,000 after purchasing an additional 846,067 shares during the period. Finally, Morgan Stanley lifted its stake in ConocoPhillips by 19.2% during the second quarter. Morgan Stanley now owns 4,826,136 shares of the energy producer’s stock worth $335,995,000 after purchasing an additional 776,284 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.
NYSE:COP opened at $72.80 on Friday. ConocoPhillips has a 1 year low of $45.65 and a 1 year high of $74.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58. The company has a market capitalization of $83.64 billion, a PE ratio of 121.33, a PEG ratio of 1.84 and a beta of 1.24.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Monday, July 23rd were issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Friday, July 20th. ConocoPhillips’s dividend payout ratio is currently 190.00%.
ConocoPhillips announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to buy up to 10.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
COP has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a research note on Wednesday, June 13th. BMO Capital Markets initiated coverage on shares of ConocoPhillips in a research note on Monday, June 11th. They set an “outperform” rating and a $78.00 price target for the company. Barclays raised their price target on shares of ConocoPhillips from $78.00 to $84.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 11th. Mizuho began coverage on shares of ConocoPhillips in a research note on Friday, June 8th. They issued a “neutral” rating and a $73.00 target price for the company. Finally, 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 research note on Thursday, September 6th. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $71.90.
In related news, insider Don E. Jr. Wallette sold 59,432 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the completion of the sale, the insider now owns 83,047 shares of the company’s stock, valued at $5,968,587.89. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Ryan Michael Lance sold 160,064 shares of the firm’s stock in a transaction that occurred on 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 completion of 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 three months, insiders sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is currently owned by company insiders.
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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