SeaCrest Wealth Management LLC Takes $866,000 Position in ConocoPhillips (COP)
SeaCrest Wealth Management LLC purchased a new stake in shares of ConocoPhillips (NYSE:COP) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 15,776 shares of the energy producer’s stock, valued at approximately $866,000.
A number of other hedge funds and other institutional investors have also modified their holdings of COP. Aperio Group LLC boosted its stake in shares of ConocoPhillips by 7.0% during the fourth quarter. Aperio Group LLC now owns 513,618 shares of the energy producer’s stock valued at $28,192,000 after purchasing an additional 33,753 shares during the period. Telemus Capital LLC boosted its stake in shares of ConocoPhillips by 23.6% during the fourth quarter. Telemus Capital LLC now owns 5,172 shares of the energy producer’s stock valued at $284,000 after purchasing an additional 989 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of ConocoPhillips by 468.8% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,820 shares of the energy producer’s stock valued at $100,000 after purchasing an additional 1,500 shares during the period. Kovack Advisors Inc. purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $1,241,000. Finally, Allied Investment Advisors LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $224,000. Institutional investors and hedge funds own 70.93% of the company’s stock.
ConocoPhillips (NYSE COP) opened at $53.41 on Tuesday. The company has a quick ratio of 2.23, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $61,233.10, a price-to-earnings ratio of 71.26, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32. ConocoPhillips has a twelve month low of $42.26 and a twelve month high of $61.31.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be issued a $0.285 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, February 9th. This represents a $1.14 dividend on an annualized basis and a yield of 2.13%. ConocoPhillips’s dividend payout ratio is -228.00%.
ConocoPhillips declared that its board has initiated a share repurchase program on Wednesday, November 8th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the energy producer to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
A number of analysts have recently weighed in on COP shares. Morgan Stanley increased their price objective on ConocoPhillips from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $52.00 price target on shares of ConocoPhillips in a research note on Thursday, October 19th. Wells Fargo & Co raised their price target on ConocoPhillips from $57.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, October 27th. Barclays raised their price target on ConocoPhillips from $55.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Finally, Royal Bank of Canada set a $58.00 price target on ConocoPhillips and gave the stock a “buy” rating in a research note on Monday, October 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $59.06.
In other news, Director Charles E. Bunch acquired 2,000 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was acquired at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the acquisition, the director now owns 3,429 shares in the company, valued at $178,513.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is currently owned by corporate insiders.
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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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