Investors Buy ConocoPhillips (COP) on Weakness
Investors purchased shares of ConocoPhillips (NYSE:COP) on weakness during trading on Friday. $67.93 million flowed into the stock on the tick-up and $46.20 million flowed out of the stock on the tick-down, for a money net flow of $21.73 million into the stock. Of all stocks tracked, ConocoPhillips had the 26th highest net in-flow for the day. ConocoPhillips traded down ($0.45) for the day and closed at $40.60
Several research analysts have commented on the stock. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Wednesday, July 13th. Deutsche Bank AG reissued a “buy” rating and issued a $62.00 price target on shares of ConocoPhillips in a report on Monday, May 16th. Sanford C. Bernstein reissued an “outperform” rating on shares of ConocoPhillips in a report on Monday, May 16th. Simmons reissued a “neutral” rating on shares of ConocoPhillips in a report on Thursday, August 11th. Finally, JPMorgan Chase & Co. raised shares of ConocoPhillips from an “underweight” rating to a “neutral” rating and set a $44.00 price target for the company in a report on Monday, July 11th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $48.41.
The stock’s market cap is $50.68 billion. The stock’s 50-day moving average price is $41.58 and its 200-day moving average price is $41.98.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.61) by $0.18. The firm had revenue of $5.58 billion for the quarter, compared to analysts’ expectations of $5.38 billion. During the same period in the previous year, the business posted $0.07 earnings per share. ConocoPhillips’s quarterly revenue was down 35.6% on a year-over-year basis. On average, equities analysts expect that ConocoPhillips will post ($2.41) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, July 25th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.44%.
In related news, Director Arjun N. Murti bought 6,500 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was purchased at an average price of $39.72 per share, for a total transaction of $258,180.00. Following the completion of the transaction, the director now owns 19,000 shares in the company, valued at $754,680. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ellen Desanctis bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were bought at an average price of $40.50 per share, with a total value of $202,500.00. Following the transaction, the vice president now owns 22,010 shares of the company’s stock, valued at approximately $891,405. The disclosure for this purchase can be found here.
A hedge fund recently raised its stake in ConocoPhillips stock. Dorsey & Whitney Trust CO LLC increased its position in ConocoPhillips (NYSE:COP) by 11.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,594 shares of the company’s stock after buying an additional 4,412 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in ConocoPhillips were worth $1,941,000 at the end of the most recent reporting 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.