Municipal Employees Retirement System of Michigan boosted its position in shares of ConocoPhillips (NYSE:COP) by 24.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,030 shares of the energy producer’s stock after purchasing an additional 7,590 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in ConocoPhillips were worth $2,143,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in COP. WFG Advisors LP grew its position in shares of ConocoPhillips by 0.4% during the 2nd quarter. WFG Advisors LP now owns 9,611 shares of the energy producer’s stock worth $423,000 after buying an additional 39 shares during the period. First City Capital Management Inc. grew its position in shares of ConocoPhillips by 1.4% in the 2nd quarter. First City Capital Management Inc. now owns 5,459 shares of the energy producer’s stock valued at $240,000 after purchasing an additional 75 shares during the period. Waters Parkerson & CO. LLC grew its position in shares of ConocoPhillips by 1.0% in the 2nd quarter. Waters Parkerson & CO. LLC now owns 12,043 shares of the energy producer’s stock valued at $529,000 after purchasing an additional 125 shares during the period. Laurel Wealth Advisors Inc. grew its position in shares of ConocoPhillips by 1.5% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 8,734 shares of the energy producer’s stock valued at $383,000 after purchasing an additional 130 shares during the period. Finally, North Star Asset Management Inc. grew its position in shares of ConocoPhillips by 3.7% in the 2nd quarter. North Star Asset Management Inc. now owns 7,805 shares of the energy producer’s stock valued at $343,000 after purchasing an additional 275 shares during the period. 71.14% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the company. Piper Jaffray Companies reiterated a “buy” rating and issued a $63.00 price objective on shares of ConocoPhillips in a research report on Wednesday, January 24th. Morgan Stanley boosted their price objective on ConocoPhillips from $48.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 24th. Macquarie assumed coverage on ConocoPhillips in a research report on Wednesday, January 17th. They issued an “outperform” rating for the company. Cowen set a $70.00 price objective on ConocoPhillips and gave the company a “buy” rating in a research report on Thursday, January 18th. Finally, Barclays boosted their price objective on ConocoPhillips from $59.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. 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 given a strong buy rating to the company’s stock. ConocoPhillips has a consensus rating of “Buy” and an average price target of $58.75.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 1st. The energy producer reported $0.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.45. ConocoPhillips had a positive return on equity of 2.81% and a negative net margin of 2.04%. The firm had revenue of $8.74 billion during the quarter, compared to the consensus estimate of $7.70 billion. During the same quarter in the prior year, the firm posted ($0.26) EPS. sell-side analysts expect that ConocoPhillips will post 2.87 earnings per share for the current year.
ConocoPhillips announced that its Board of Directors has initiated a share repurchase program on Thursday, February 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the energy producer to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were paid a dividend of $0.285 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s dividend payout ratio is currently -228.00%.
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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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