ConocoPhillips (COP) Position Cut by First Eagle Investment Management LLC
First Eagle Investment Management LLC reduced its position in shares of ConocoPhillips (NYSE:COP) by 12.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 8,344,148 shares of the company’s stock after selling 1,208,958 shares during the period. First Eagle Investment Management LLC owned about 0.67% of ConocoPhillips worth $363,805,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in COP. State Street Corp boosted its stake in ConocoPhillips by 4.2% in the first quarter. State Street Corp now owns 56,542,943 shares of the company’s stock valued at $2,276,976,000 after buying an additional 2,293,983 shares during the period. Ameriprise Financial Inc. boosted its stake in ConocoPhillips by 16.6% in the second quarter. Ameriprise Financial Inc. now owns 12,097,088 shares of the company’s stock valued at $527,432,000 after buying an additional 1,718,788 shares during the period. Rockefeller Financial Services Inc. boosted its stake in ConocoPhillips by 8,313.3% in the second quarter. Rockefeller Financial Services Inc. now owns 1,393,578 shares of the company’s stock valued at $60,760,000 after buying an additional 1,377,014 shares during the period. Emerald Acquisition Ltd. purchased a new stake in ConocoPhillips during the second quarter valued at $46,653,000. Finally, American Century Companies Inc. boosted its stake in ConocoPhillips by 452.1% in the second quarter. American Century Companies Inc. now owns 878,900 shares of the company’s stock valued at $38,320,000 after buying an additional 719,722 shares during the period. Hedge funds and other institutional investors own 63.70% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) traded up 1.95% during midday trading on Wednesday, reaching $39.77. The company had a trading volume of 3,124,656 shares. The company’s market capitalization is $49.26 billion. The company has a 50-day moving average price of $41.51 and a 200 day moving average price of $42.62. ConocoPhillips has a one year low of $31.05 and a one year high of $57.24.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by $0.18. ConocoPhillips had a negative return on equity of 9.26% and a negative net margin of 28.40%. The company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.38 billion. During the same quarter in the previous year, the business earned $0.07 earnings per share. ConocoPhillips’s revenue was down 35.6% compared to the same quarter last year. Equities analysts anticipate that ConocoPhillips will post ($2.48) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, July 25th were given a $0.25 dividend. The ex-dividend date was Thursday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. ConocoPhillips’s dividend payout ratio is currently -17.57%.
Several analysts have recently weighed in on the company. Jefferies Group restated a “sell” rating on shares of ConocoPhillips in a report on Sunday, July 10th. JPMorgan Chase & Co. upgraded ConocoPhillips from an “underweight” rating to a “neutral” rating and set a $44.00 price target on the stock in a report on Monday, July 11th. They noted that the move was a valuation call. Vetr cut ConocoPhillips from a “hold” rating to a “sell” rating and set a $40.39 price target on the stock. in a report on Thursday, September 8th. Deutsche Bank AG restated a “buy” rating and set a $62.00 price target on shares of ConocoPhillips in a report on Thursday, June 16th. Finally, Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Wednesday, July 13th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $48.63.
In other ConocoPhillips news, VP Ellen Desanctis acquired 5,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The shares were purchased at an average cost of $40.50 per share, for a total transaction of $202,500.00. Following the transaction, the vice president now owns 22,010 shares in the company, valued at $891,405. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arjun N. Murti acquired 6,500 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was acquired 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 approximately $754,680. The disclosure for this purchase can be found here. 0.07% of the stock is owned by 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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