AE Wealth Management LLC Has $2.26 Million Holdings in ConocoPhillips (NYSE:COP)
AE Wealth Management LLC increased its stake in shares of ConocoPhillips (NYSE:COP) by 63.1% during the first quarter, HoldingsChannel.com reports. The fund owned 73,369 shares of the energy producer’s stock after purchasing an additional 28,391 shares during the period. AE Wealth Management LLC’s holdings in ConocoPhillips were worth $2,260,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Merit Financial Group LLC bought a new stake in ConocoPhillips during the 4th quarter valued at approximately $211,000. OLD National Bancorp IN boosted its stake in ConocoPhillips by 12.2% during the 4th quarter. OLD National Bancorp IN now owns 20,104 shares of the energy producer’s stock valued at $1,307,000 after purchasing an additional 2,179 shares during the period. 180 Wealth Advisors LLC bought a new stake in ConocoPhillips during the 4th quarter valued at approximately $212,000. YorkBridge Wealth Partners LLC bought a new stake in ConocoPhillips during the 4th quarter valued at approximately $226,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of ConocoPhillips by 123.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 122,569 shares of the energy producer’s stock worth $7,971,000 after acquiring an additional 67,697 shares during the period. 73.97% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have commented on COP shares. Argus raised their price objective on ConocoPhillips from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Wells Fargo & Co raised their price objective on ConocoPhillips from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. JPMorgan Chase & Co. reduced their price objective on ConocoPhillips from $67.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. MKM Partners raised their price objective on ConocoPhillips from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Finally, Mizuho downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and set a $33.00 price objective for the company. in a research report on Friday, April 3rd. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. ConocoPhillips presently has a consensus rating of “Buy” and a consensus target price of $57.00.
NYSE COP opened at $40.87 on Friday. The stock has a fifty day moving average of $35.87 and a 200-day moving average of $51.45. The stock has a market capitalization of $45.33 billion, a P/E ratio of 12.81 and a beta of 1.71. ConocoPhillips has a 52 week low of $20.84 and a 52 week high of $67.13. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.16.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.22. ConocoPhillips had a return on equity of 10.02% and a net margin of 11.51%. The business had revenue of $4.81 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period last year, the company earned $1.00 EPS. Equities research analysts forecast that ConocoPhillips will post -1.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 11th will be given a $0.42 dividend. The ex-dividend date is Friday, May 8th. This represents a $1.68 annualized dividend and a dividend yield of 4.11%. ConocoPhillips’s dividend payout ratio is currently 46.80%.
ConocoPhillips announced that its Board of Directors has approved a share repurchase plan on Tuesday, February 4th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the energy producer to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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