AlphaCentric Advisors LLC reduced its holdings in shares of ConocoPhillips (NYSE:COP – Free Report) by 40.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,442 shares of the energy producer’s stock after selling 1,669 shares during the period. AlphaCentric Advisors LLC’s holdings in ConocoPhillips were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. raised its position in shares of ConocoPhillips by 398.1% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 269 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 215 shares during the last quarter. Northwest Bank & Trust Co purchased a new position in shares of ConocoPhillips in the second quarter worth $29,000. Fairfield Bush & CO. acquired a new stake in shares of ConocoPhillips during the first quarter worth $31,000. NewSquare Capital LLC grew its holdings in shares of ConocoPhillips by 335.4% during the first quarter. NewSquare Capital LLC now owns 344 shares of the energy producer’s stock valued at $34,000 after buying an additional 265 shares during the last quarter. Finally, Graham Capital Wealth Management LLC acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $359,140,000. 80.36% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at ConocoPhillips
In related news, Director Sharmila Mulligan sold 1,849 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $125.19, for a total value of $231,476.31. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other ConocoPhillips news, Director Sharmila Mulligan sold 1,849 shares of ConocoPhillips stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $125.19, for a total transaction of $231,476.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ryan Michael Lance sold 569,400 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the completion of the transaction, the chief executive officer now owns 18,187 shares in the company, valued at $2,221,360.18. The disclosure for this sale can be found here. Insiders have sold 602,049 shares of company stock worth $73,591,956 in the last ninety days. 0.37% of the stock is owned by insiders.
ConocoPhillips Stock Up 1.3 %
ConocoPhillips Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 14th will be paid a dividend of $0.58 per share. The ex-dividend date is Monday, November 13th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.51. This represents a $2.32 dividend on an annualized basis and a yield of 2.01%. ConocoPhillips’s payout ratio is 22.30%.
Wall Street Analyst Weigh In
COP has been the subject of a number of research reports. Bank of America lifted their price target on ConocoPhillips from $145.00 to $150.00 in a research report on Wednesday, September 27th. StockNews.com began coverage on shares of ConocoPhillips in a research note on Thursday, October 5th. They set a “hold” rating for the company. Morgan Stanley raised their target price on shares of ConocoPhillips from $124.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, October 2nd. Mizuho increased their price target on ConocoPhillips from $135.00 to $139.00 and gave the stock a “neutral” rating in a research report on Monday, September 18th. Finally, UBS Group boosted their price objective on ConocoPhillips from $147.00 to $149.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Five investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $136.16.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.
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