Resources Investment Advisors Inc. Raises Position in ConocoPhillips (COP)
Resources Investment Advisors Inc. boosted its stake in ConocoPhillips (NYSE:COP) by 21.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,536 shares of the energy producer’s stock after buying an additional 11,341 shares during the quarter. ConocoPhillips makes up approximately 0.4% of Resources Investment Advisors Inc.’s portfolio, making the stock its 24th largest holding. Resources Investment Advisors Inc.’s holdings in ConocoPhillips were worth $3,543,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Chicago Equity Partners LLC lifted its stake in ConocoPhillips by 37.2% in the 4th quarter. Chicago Equity Partners LLC now owns 391,380 shares of the energy producer’s stock worth $21,483,000 after purchasing an additional 106,145 shares in the last quarter. Mycio Wealth Partners LLC purchased a new position in ConocoPhillips in the 4th quarter worth approximately $261,000. Wright Investors Service Inc. lifted its stake in ConocoPhillips by 38.4% in the 4th quarter. Wright Investors Service Inc. now owns 19,112 shares of the energy producer’s stock worth $1,049,000 after purchasing an additional 5,299 shares in the last quarter. Bessemer Group Inc. lifted its stake in ConocoPhillips by 0.7% in the 4th quarter. Bessemer Group Inc. now owns 4,927,160 shares of the energy producer’s stock worth $270,452,000 after purchasing an additional 34,088 shares in the last quarter. Finally, Ballew Advisors Inc purchased a new position in ConocoPhillips in the 4th quarter worth approximately $430,000. 69.66% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Charles E. Bunch bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the acquisition, the director now owns 3,429 shares of the company’s stock, valued at $178,513.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is currently owned by company insiders.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate 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 2.78%. During the same quarter last year, the firm earned ($0.26) EPS. research analysts forecast that ConocoPhillips will post 2.79 earnings per share for the current fiscal year.
ConocoPhillips announced that its board has authorized a stock buyback plan on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Monday, February 12th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Friday, February 9th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s dividend payout ratio (DPR) is -212.00%.
COP has been the topic of a number of research reports. Royal Bank of Canada raised their target price on shares of ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Morgan Stanley raised their target price on shares of ConocoPhillips from $48.00 to $65.00 and gave the stock 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 note on Thursday, January 18th. Credit Suisse Group initiated coverage on shares of ConocoPhillips in a research note on Monday, December 11th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Howard Weil lowered shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price on the stock. in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $58.71.
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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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