Cornerstone Wealth Management LLC boosted its stake in shares of Anadarko Petroleum Co. (NYSE:APC) by 101.9% in the third quarter, HoldingsChannel.com reports. The firm owned 50,034 shares of the oil and gas development company’s stock after acquiring an additional 25,258 shares during the period. Cornerstone Wealth Management LLC’s holdings in Anadarko Petroleum were worth $1,024,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the business. BlackRock Inc. boosted its position in Anadarko Petroleum by 5.0% during the second quarter. BlackRock Inc. now owns 42,439,494 shares of the oil and gas development company’s stock worth $3,108,695,000 after purchasing an additional 2,037,976 shares during the period. FMR LLC boosted its position in Anadarko Petroleum by 9.2% during the second quarter. FMR LLC now owns 23,949,562 shares of the oil and gas development company’s stock worth $1,754,305,000 after purchasing an additional 2,011,856 shares during the period. Bank of New York Mellon Corp boosted its position in Anadarko Petroleum by 46.9% during the second quarter. Bank of New York Mellon Corp now owns 7,941,486 shares of the oil and gas development company’s stock worth $581,714,000 after purchasing an additional 2,536,173 shares during the period. Janus Henderson Group PLC boosted its position in Anadarko Petroleum by 29.4% during the second quarter. Janus Henderson Group PLC now owns 5,987,333 shares of the oil and gas development company’s stock worth $438,573,000 after purchasing an additional 1,360,899 shares during the period. Finally, Jennison Associates LLC boosted its position in Anadarko Petroleum by 14.7% during the second quarter. Jennison Associates LLC now owns 2,937,066 shares of the oil and gas development company’s stock worth $215,140,000 after purchasing an additional 377,398 shares during the period. 85.95% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on APC shares. Piper Jaffray Companies set a $98.00 target price on Anadarko Petroleum and gave the stock a “buy” rating in a research report on Tuesday, October 23rd. Bank of America set a $100.00 price target on Anadarko Petroleum and gave the stock a “buy” rating in a report on Tuesday, July 31st. Zacks Investment Research lowered Anadarko Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Morgan Stanley began coverage on Anadarko Petroleum in a report on Thursday, July 12th. They set an “equal weight” rating and a $86.00 price target for the company. Finally, Jefferies Financial Group set a $88.00 price target on Anadarko Petroleum and gave the stock a “buy” rating in a report on Tuesday, August 7th. Five research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $81.70.
Anadarko Petroleum (NYSE:APC) last announced its quarterly earnings results on Tuesday, October 30th. The oil and gas development company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Anadarko Petroleum had a net margin of 3.63% and a return on equity of 1.85%. The company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter last year, the company earned ($0.77) earnings per share. The business’s revenue was up 48.1% on a year-over-year basis. As a group, research analysts predict that Anadarko Petroleum Co. will post 3.06 EPS for the current fiscal year.
Anadarko Petroleum announced that its Board of Directors has authorized a share repurchase plan on Monday, July 9th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas development company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Anadarko Petroleum Company Profile
Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Exploration and Production, WES Midstream, and Other Midstream. The company explores for and produces oil, natural gas, and natural gas liquids (NGLs).
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