Arosa Capital Management LP decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 8.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 436,961 shares of the energy producer’s stock after selling 37,849 shares during the quarter. ConocoPhillips makes up about 3.7% of Arosa Capital Management LP’s portfolio, making the stock its 7th largest holding. Arosa Capital Management LP’s holdings in ConocoPhillips were worth $23,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the company. Driehaus Capital Management LLC bought a new position in ConocoPhillips in the 4th quarter worth $505,000. MANA Advisors LLC bought a new position in ConocoPhillips in the 4th quarter worth $374,000. Montgomery Investment Management Inc. boosted its holdings in ConocoPhillips by 0.8% in the 4th quarter. Montgomery Investment Management Inc. now owns 139,473 shares of the energy producer’s stock worth $7,656,000 after buying an additional 1,170 shares during the period. Nippon Life Global Investors Americas Inc. boosted its holdings in ConocoPhillips by 220.1% in the 4th quarter. Nippon Life Global Investors Americas Inc. now owns 221,080 shares of the energy producer’s stock worth $12,135,000 after buying an additional 152,010 shares during the period. Finally, Merit Financial Group LLC bought a new position in ConocoPhillips in the 4th quarter worth $357,000. 71.27% of the stock is owned by hedge funds and other institutional investors.
Shares of ConocoPhillips (NYSE:COP) opened at $53.96 on Wednesday. The company has a market cap of $63,380.00, a price-to-earnings ratio of -39.68, a price-to-earnings-growth ratio of 1.65 and a beta of 1.33. ConocoPhillips has a one year low of $42.26 and a one year high of $61.31. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.56.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 2.11%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, February 9th. ConocoPhillips’s dividend payout ratio is currently -83.82%.
ConocoPhillips announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 1st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the energy producer to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several research analysts recently weighed in on COP shares. Goldman Sachs Group raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, December 13th. Howard Weil downgraded shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price for the company. in a report on Friday, December 22nd. Credit Suisse Group started coverage on shares of ConocoPhillips in a report on Monday, December 11th. They issued a “neutral” rating and a $50.00 target price for the company. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $61.00 target price for the company in a report on Wednesday, February 14th. Finally, Barclays upped their target price on shares of ConocoPhillips from $59.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips currently has a consensus rating of “Buy” and an average price target of $58.75.
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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