First Interstate Bank Lowers Position in ConocoPhillips (COP)
First Interstate Bank reduced its stake in shares of ConocoPhillips (NYSE:COP) by 0.9% during the second quarter, Holdings Channel reports. The fund owned 11,017 shares of the company’s stock after selling 100 shares during the period. First Interstate Bank’s holdings in ConocoPhillips were worth $480,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of ConocoPhillips by 4.2% in the first quarter. State Street Corp now owns 56,542,943 shares of the company’s stock worth $2,276,976,000 after buying an additional 2,293,983 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of ConocoPhillips by 1.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 32,736,116 shares of the company’s stock worth $1,318,283,000 after buying an additional 522,198 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of ConocoPhillips by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 14,091,927 shares of the company’s stock worth $614,409,000 after buying an additional 320,848 shares in the last quarter. BlackRock Group LTD boosted its position in shares of ConocoPhillips by 0.3% in the first quarter. BlackRock Group LTD now owns 12,121,796 shares of the company’s stock worth $488,146,000 after buying an additional 41,306 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of ConocoPhillips by 16.6% in the second quarter. Ameriprise Financial Inc. now owns 12,097,088 shares of the company’s stock worth $527,432,000 after buying an additional 1,718,788 shares in the last quarter. Institutional investors and hedge funds own 63.81% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) traded up 0.267% during trading on Tuesday, hitting $39.385. 3,165,141 shares of the stock traded hands. The firm’s market capitalization is $48.78 billion. ConocoPhillips has a 1-year low of $31.05 and a 1-year high of $57.24. The firm has a 50-day moving average of $41.53 and a 200-day moving average of $42.64.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.79) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.61) by $0.18. The company earned $5.58 billion during the quarter, compared to the consensus estimate of $5.38 billion. ConocoPhillips had a negative net margin of 28.40% and a negative return on equity of 9.26%. ConocoPhillips’s revenue for the quarter was down 35.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.07 EPS. On average, equities analysts forecast that ConocoPhillips will post ($2.45) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, July 25th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.55%. The ex-dividend date was Thursday, July 21st. ConocoPhillips’s payout ratio is -17.57%.
A number of research analysts have commented on COP shares. Deutsche Bank AG restated a “buy” rating and set a $62.00 price target on shares of ConocoPhillips in a research note on Thursday, June 16th. Jefferies Group restated a “sell” rating on shares of ConocoPhillips in a research note on Thursday, June 30th. Vetr cut shares of ConocoPhillips from a “hold” rating to a “sell” rating and set a $40.39 price target for the company. in a research note on Thursday, September 8th. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from an “underweight” rating to a “neutral” rating and set a $44.00 price target for the company in a research note on Monday, July 11th. They noted that the move was a valuation call. Finally, Simmons restated a “neutral” rating on shares of ConocoPhillips in a research note on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. ConocoPhillips currently has a consensus rating of “Hold” and an average price target of $48.63.
In related news, Director Arjun N. Murti acquired 6,500 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was acquired at an average price of $39.72 per share, with a total value of $258,180.00. Following the purchase, the director now directly owns 19,000 shares in the company, valued at $754,680. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Ellen Desanctis acquired 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was bought at an average cost of $40.50 per share, with a total value of $202,500.00. Following the purchase, the vice president now owns 22,010 shares in the company, valued at $891,405. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by corporate insiders.
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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