JPMorgan Chase & Co. Reduces Holdings in ConocoPhillips (COP)

JPMorgan Chase & Co. decreased its holdings in ConocoPhillips (NYSE:COP) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,357,980 shares of the energy producer’s stock after selling 373,061 shares during the period. JPMorgan Chase & Co. owned about 1.65% of ConocoPhillips worth $1,147,736,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of COP. Boston Partners grew its stake in shares of ConocoPhillips by 41.6% during the fourth quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock worth $449,252,000 after purchasing an additional 2,403,806 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of ConocoPhillips by 35.7% during the fourth quarter. Lazard Asset Management LLC now owns 5,665,128 shares of the energy producer’s stock worth $310,957,000 after purchasing an additional 1,490,618 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of ConocoPhillips by 35.2% during the first quarter. Prudential Financial Inc. now owns 4,926,665 shares of the energy producer’s stock worth $292,101,000 after purchasing an additional 1,282,558 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of ConocoPhillips during the first quarter worth $71,270,000. Finally, Mackenzie Financial Corp acquired a new position in shares of ConocoPhillips during the fourth quarter worth $54,960,000. Hedge funds and other institutional investors own 71.21% of the company’s stock.

In other news, VP Glenda Mae Schwarz sold 6,763 shares of the company’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $65.04, for a total value of $439,865.52. Following the completion of the sale, the vice president now directly owns 10,182 shares of the company’s stock, valued at $662,237.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Andrew D. Lundquist sold 25,000 shares of the company’s stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of $58.96, for a total transaction of $1,474,000.00. Following the completion of the sale, the senior vice president now directly owns 27,353 shares of the company’s stock, valued at $1,612,732.88. The disclosure for this sale can be found here. Insiders sold 309,052 shares of company stock valued at $20,965,534 over the last ninety days. Corporate insiders own 0.88% of the company’s stock.

Shares of COP opened at $65.47 on Friday. ConocoPhillips has a 1-year low of $42.26 and a 1-year high of $71.71. The firm has a market capitalization of $80.09 billion, a P/E ratio of 109.12, a P/E/G ratio of 2.06 and a beta of 1.22. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.86 and a quick ratio of 1.71.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, April 26th. The energy producer reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.22. ConocoPhillips had a negative net margin of 1.64% and a positive return on equity of 6.69%. The business had revenue of $8.96 billion during the quarter, compared to analysts’ expectations of $8.68 billion. During the same period in the prior year, the company earned ($0.02) earnings per share. sell-side analysts predict that ConocoPhillips will post 3.69 earnings per share for the current fiscal year.

ConocoPhillips announced that its Board of Directors has approved a share repurchase plan on Thursday, February 1st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the energy producer to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Monday, May 14th will be issued a $0.285 dividend. The ex-dividend date of this dividend is Friday, May 11th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.74%. ConocoPhillips’s payout ratio is 190.00%.

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of ConocoPhillips from $62.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, April 9th. 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 note on Friday, February 9th. Argus lowered their target price on shares of ConocoPhillips from $65.00 to $54.54 and set a “buy” rating for the company in a research note on Friday, February 16th. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research note on Thursday, April 19th. Finally, Scotiabank reiterated a “buy” rating and set a $64.00 target price on shares of ConocoPhillips in a research note on Monday, April 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $63.50.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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