ConocoPhillips (COP) Stake Raised by CIBC Asset Management Inc
CIBC Asset Management Inc increased its position in shares of ConocoPhillips (NYSE:COP) by 7.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 127,613 shares of the energy producer’s stock after acquiring an additional 8,609 shares during the quarter. CIBC Asset Management Inc’s holdings in ConocoPhillips were worth $7,005,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in ConocoPhillips by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock valued at $3,980,473,000 after buying an additional 1,694,618 shares during the period. BlackRock Inc. increased its stake in ConocoPhillips by 7.8% in the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after buying an additional 6,197,896 shares during the period. Franklin Resources Inc. increased its stake in ConocoPhillips by 21.6% in the 2nd quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock valued at $528,635,000 after buying an additional 2,134,292 shares during the period. First Eagle Investment Management LLC increased its stake in ConocoPhillips by 3.0% in the 3rd quarter. First Eagle Investment Management LLC now owns 10,608,598 shares of the energy producer’s stock valued at $530,960,000 after buying an additional 309,683 shares during the period. Finally, Ameriprise Financial Inc. grew its position in ConocoPhillips by 4.9% in the third quarter. Ameriprise Financial Inc. now owns 8,805,037 shares of the energy producer’s stock worth $440,689,000 after acquiring an additional 407,471 shares in the last quarter. Hedge funds and other institutional investors own 70.93% of the company’s stock.
Shares of ConocoPhillips (NYSE COP) opened at $55.51 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.23 and a current ratio of 2.38. The stock has a market cap of $62,763.34, a price-to-earnings ratio of 73.04, a P/E/G ratio of 1.70 and a beta of 1.32. ConocoPhillips has a 1-year low of $42.26 and a 1-year high of $61.31.
ConocoPhillips announced that its Board of Directors has authorized a share repurchase plan on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the energy producer to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Monday, February 12th will be issued a dividend of $0.285 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. This represents a $1.14 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, February 9th. ConocoPhillips’s dividend payout ratio is currently -228.00%.
In other news, Director Charles E. Bunch acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was acquired at an average cost of $52.06 per share, with a total value of $104,120.00. Following 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 this link. 0.82% of the stock is currently owned by corporate insiders.
Several analysts have commented on the stock. 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 research report on Wednesday, December 13th. Wells Fargo & Co boosted their target price on shares of ConocoPhillips from $57.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, October 27th. Piper Jaffray Companies reissued a “buy” rating and issued a $63.00 target price on shares of ConocoPhillips in a research report on Wednesday, January 24th. Citigroup boosted their target price on shares of ConocoPhillips from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, Scotiabank reissued a “buy” rating and issued a $53.00 target price on shares of ConocoPhillips in a research report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $58.76.
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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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