Traders Buy ConocoPhillips (COP) on Weakness
Investors purchased shares of ConocoPhillips (NYSE:COP) on weakness during trading hours on Thursday. $74.76 million flowed into the stock on the tick-up and $49.50 million flowed out of the stock on the tick-down, for a money net flow of $25.26 million into the stock. Of all equities tracked, ConocoPhillips had the 17th highest net in-flow for the day. ConocoPhillips traded down ($0.39) for the day and closed at $41.51
COP has been the subject of several recent research reports. Deutsche Bank AG reissued a “buy” rating on shares of ConocoPhillips in a research report on Saturday, March 12th. Zacks Investment Research raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Tuesday, March 22nd. Simmons raised their price target on shares of ConocoPhillips to $40.00 in a research report on Friday, March 25th. Barclays PLC reissued a “buy” rating and issued a $50.00 price target on shares of ConocoPhillips in a research report on Wednesday, March 30th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of ConocoPhillips in a report on Tuesday, April 12th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $48.92.
The company’s market cap is $52.38 billion. The company has a 50 day moving average price of $43.98 and a 200-day moving average price of $41.50.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, April 28th. The company reported ($0.95) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.86) by $0.09. During the same quarter in the previous year, the company posted ($0.18) EPS. On average, analysts forecast that ConocoPhillips will post ($2.17) EPS for the current year.
A number of hedge funds and institutional investors recently bought and sold shares of COP. BNP Paribas Arbitrage SA increased its position in ConocoPhillips by 41.9% in the fourth quarter. BNP Paribas Arbitrage SA now owns 774,603 shares of the company’s stock worth $36,166,000 after buying an additional 228,738 shares during the period. Dorsey & Whitney Trust CO LLC increased its position in ConocoPhillips by 11.9% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 41,594 shares of the company’s stock worth $1,941,000 after buying an additional 4,412 shares during the period. Westbourne Investment Advisors Inc. increased its position in ConocoPhillips by 5.2% in the fourth quarter. Westbourne Investment Advisors Inc. now owns 41,904 shares of the company’s stock worth $1,956,000 after buying an additional 2,076 shares during the period. Trexquant Investment LP bought a new position in ConocoPhillips during the fourth quarter worth approximately $2,578,000. Finally, Veritable L.P. increased its position in ConocoPhillips by 4.4% in the fourth quarter. Veritable L.P. now owns 194,369 shares of the company’s stock worth $9,075,000 after buying an additional 8,148 shares during the period.
ConocoPhillips (ConocoPhillips) is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). The Company operates through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East, and Other International.
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