Amundi Pioneer Asset Management Inc. bought a new position in ConocoPhillips (NYSE:COP) in the 4th quarter, HoldingsChannel.com reports. The firm bought 649,501 shares of the energy producer’s stock, valued at approximately $35,651,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of ConocoPhillips by 7.8% in the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after purchasing an additional 6,197,896 shares during the period. Boston Partners lifted its stake in shares of ConocoPhillips by 41.6% in the fourth quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock valued at $449,252,000 after purchasing an additional 2,403,806 shares during the period. Brandywine Global Investment Management LLC lifted its stake in shares of ConocoPhillips by 183.5% in the second quarter. Brandywine Global Investment Management LLC now owns 3,138,796 shares of the energy producer’s stock valued at $137,982,000 after purchasing an additional 2,031,830 shares during the period. Vanguard Group Inc. lifted its stake in shares of ConocoPhillips by 1.9% in the second quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock valued at $3,980,473,000 after purchasing an additional 1,694,618 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in shares of ConocoPhillips by 35.7% in the fourth quarter. Lazard Asset Management LLC now owns 5,665,128 shares of the energy producer’s stock valued at $310,957,000 after purchasing an additional 1,490,618 shares during the period. Institutional investors own 70.23% of the company’s stock.
Several analysts recently commented on COP shares. Morgan Stanley raised their price objective on shares of ConocoPhillips from $48.00 to $65.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 24th. Cowen set a $70.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Thursday, January 18th. Credit Suisse Group initiated coverage on shares of ConocoPhillips in a research report on Monday, December 11th. They set a “neutral” rating and a $50.00 target price for the company. Howard Weil cut shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price for the company. in a research report on Friday, December 22nd. Finally, Barclays lifted their target price on shares of ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. ConocoPhillips presently has a consensus rating of “Buy” and an average target price of $58.75.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates of $0.45. The business had revenue of $8.74 billion during the quarter, compared to the consensus estimate of $7.70 billion. ConocoPhillips had a negative net margin of 2.04% and a positive return on equity of 2.81%. During the same period in the previous year, the firm posted ($0.26) earnings per share. research analysts predict that ConocoPhillips will post 2.87 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were issued a dividend of $0.285 per share. The ex-dividend date of this dividend was Friday, February 9th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.07%. ConocoPhillips’s payout ratio is -83.82%.
ConocoPhillips announced that its Board of Directors has approved a share repurchase program on Thursday, February 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the energy producer to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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ConocoPhillips Company Profile
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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