Traders Buy Shares of ConocoPhillips (COP) on Weakness

Investors bought shares of ConocoPhillips (NYSE:COP) on weakness during trading hours on Thursday. $88.73 million flowed into the stock on the tick-up and $44.19 million flowed out of the stock on the tick-down, for a money net flow of $44.54 million into the stock. Of all equities tracked, ConocoPhillips had the 3rd highest net in-flow for the day. ConocoPhillips traded down ($0.97) for the day and closed at $54.54

COP has been the topic of a number of research analyst reports. Piper Jaffray Companies restated a “buy” rating and issued a $53.00 target price on shares of ConocoPhillips in a research note on Friday, November 3rd. Scotiabank restated a “buy” rating and issued a $53.00 target price on shares of ConocoPhillips in a research note on Wednesday, November 1st. Royal Bank of Canada set a $58.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Monday, October 30th. Goldman Sachs Group upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Wednesday, December 13th. Finally, Cowen set a $70.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $58.53.

The company has a market cap of $65,330.00, a P/E ratio of -39.04, a price-to-earnings-growth ratio of 1.74 and a beta of 1.32. The company has a current ratio of 2.38, a quick ratio of 2.23 and a debt-to-equity ratio of 0.64.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. The company 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 period last year, the firm earned ($0.26) earnings per share. sell-side analysts anticipate that ConocoPhillips will post 2.85 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be paid a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 2.09%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, February 9th. ConocoPhillips’s dividend payout ratio (DPR) is -81.43%.

ConocoPhillips announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 8th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the energy producer to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other news, Director Charles E. Bunch bought 2,000 shares of the stock in a transaction on Monday, December 11th. The stock was bought at an average cost of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the purchase, the director now directly owns 3,429 shares in the company, valued at $178,513.74. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in COP. Vanguard Group Inc. raised its holdings in shares of ConocoPhillips by 1.9% in the second quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock worth $3,980,473,000 after buying an additional 1,694,618 shares during the last quarter. BlackRock Inc. raised its holdings in shares of ConocoPhillips by 7.8% in the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock worth $3,772,723,000 after buying an additional 6,197,896 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ConocoPhillips by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 12,943,419 shares of the energy producer’s stock worth $709,009,000 after buying an additional 192,419 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of ConocoPhillips by 21.6% in the second quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock worth $528,635,000 after buying an additional 2,134,292 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in shares of ConocoPhillips by 3.0% in the third quarter. First Eagle Investment Management LLC now owns 10,608,598 shares of the energy producer’s stock worth $530,960,000 after buying an additional 309,683 shares during the last quarter. Institutional investors own 70.93% of the company’s stock.

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About ConocoPhillips

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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