Kanawha Capital Management LLC, a financial investment firm based in Charleston, West Virginia, recently reduced its holdings in ConocoPhillips. The company filed a report with the Securities and Exchange Commission stating that it sold 1,223 shares of ConocoPhillips (NYSE:COP), equating to a 2.9% reduction of its stake. As of the latest filing with the SEC, Kanawha Capital Management LLC owns 40,368 shares of ConocoPhillips worth $4,763,000.
This news comes shortly after ConocoPhillips announced that it will pay out a quarterly dividend on April 14th. However, only investors of record as of March 29th will receive the $0.51 dividend per share. Those purchasing shares after March 28th will not be entitled to this dividend payment. This represents an annualized yield of 1.88% and a payout ratio of 14.06%.
Despite the dip in holdings by Kanawha Capital Management LLC parented by Charles Yimping Ko and Gunjan Banerji at $4billion AUMs following their hedge fund’s poor run over recent months – one director remains undeterred about ConocoPhillips’ stock performance outlook: R A. Walker recently purchased 4,800 shares at an average cost of $103 per share in a transaction worth roughly $494,400. Following this purchase, Walker now directly holds 27,600 shares valued at approximately $2,842,800.
This disclosure raises questions regarding Walker’s bullish stance on the current value and future growth prospects for ConocoPhillips amid quarterly volatility spikes since April last year exhibiting successive capping off earnings as compared to all-time highs recorded before last year’s first quarter.
It is noteworthy that insider ownership accounts for only 0.08% of all outstanding shares available for trading while still showing bullish interest from its management regarding deep investment in the company, a move most likely suggesting long-term growth potential.
ConocoPhillips: The Energy Stock that’s Catching the Eye of Institutional Investors and Hedge Funds
ConocoPhillips: A Highly-Sought-After Energy Stock
ConocoPhillips (NYSE:COP) has recently caught the attention of institutional investors and hedge funds as they add to or reduce their stakes in the energy producer. Fairfield Bush & CO. made an impressive acquisition of a new position worth $31,000 in the company during the 1st quarter. Cetera Investment Advisers also lifted its position by 4.0%, owning now 25,399 shares worth $2,540,000 after buying an additional 968 shares in the past quarter. Baird Financial Group Inc., Zions Bancorporation N.A., and Brown Brothers Harriman & Co. have all increased their positions in ConocoPhillips by different percentages.
This increasing interest in ConocoPhillips has not gone unnoticed by equities research analysts who have been closely tracking COP’s progress. Several notable research reports have commented on shares of ConocoPhillips; Truist Financial and Piper Sandler are among those who have boosted their price targets, while Bank of America has issued a “buy” rating for the stock.
On Thursday, ConocoPhillips declared their quarterly dividend which will be paid out to investors who were recorded holding shares up until Wednesday, March 29th – this represents a dividend payout ratio (DPR) of 14.06%. The ex-dividend date was on Tuesday, March 28th, highlighting yet another aspect that has prompted institutional investors and hedge funds to invest further into COP.
The company’s financial performance over the last year is equally impressive with a net margin of 22.74% and return on equity rate at 35.30%. In Q1 of this year, revenues hit $19.26 billion compared to last year’s figures which amounted to $18.16 billion demonstrating significant growth for ConocoPhillips year-on-year.
Despite trading down $0.71 during trading hours on Friday, hitting $108.33, the highly-sought-after energy company is expected to post 10.51 earnings per share for the current year according to Bloomberg.com data.
In conclusion, ConocoPhillips holds its place as a top-rated energy producer with a “Moderate Buy” consensus target rating of $137.45 with high hopes for its continued growth and success throughout 2021.
