Stoneridge Investment Partners LLC Buys New Stake in ConocoPhillips (COP)
Stoneridge Investment Partners LLC bought a new stake in shares of ConocoPhillips (NYSE:COP) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 62,816 shares of the company’s stock, valued at approximately $2,739,000.
Other hedge funds have also made changes to their positions in the company. Integrated Investment Consultants LLC boosted its stake in shares of ConocoPhillips by 25.0% in the second quarter. Integrated Investment Consultants LLC now owns 2,543 shares of the company’s stock valued at $111,000 after buying an additional 509 shares in the last quarter. Cribstone Capital Management LLC acquired a new stake in shares of ConocoPhillips during the second quarter valued at about $122,000. Cornerstone Advisors Inc. boosted its stake in shares of ConocoPhillips by 2.3% in the second quarter. Cornerstone Advisors Inc. now owns 3,517 shares of the company’s stock valued at $153,000 after buying an additional 79 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of ConocoPhillips by 0.3% in the first quarter. MCF Advisors LLC now owns 3,865 shares of the company’s stock valued at $156,000 after buying an additional 12 shares in the last quarter. Finally, Zions Bancorporation boosted its stake in shares of ConocoPhillips by 8.6% in the first quarter. Zions Bancorporation now owns 3,905 shares of the company’s stock valued at $160,000 after buying an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 63.70% of the company’s stock.
ConocoPhillips (NYSE:COP) traded up 2.40% on Thursday, hitting $41.02. 7,920,209 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $41.54 and its 200-day moving average price is $42.59. The company’s market cap is $50.80 billion. ConocoPhillips has a 12-month low of $31.05 and a 12-month high of $57.24.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by $0.18. The company earned $5.58 billion during the quarter, compared to analysts’ expectations 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 was down 35.6% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. Analysts forecast that ConocoPhillips will post ($2.48) earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, July 25th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, July 21st. ConocoPhillips’s dividend payout ratio (DPR) is -17.57%.
Several analysts have recently issued reports on COP shares. Deutsche Bank AG restated a “buy” rating and set a $62.00 target price on shares of ConocoPhillips in a research report on Thursday, June 16th. Bank of America Corp. reissued a “buy” rating and issued a $71.00 price objective on shares of ConocoPhillips in a research report on Friday, June 3rd. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Wednesday, July 13th. Vetr raised shares of ConocoPhillips from a “sell” rating to a “hold” rating and set a $42.73 price objective on the stock in a research report on Monday, September 12th. Finally, Jefferies Group raised shares of ConocoPhillips from an “underperform” rating to a “hold” rating and increased their price objective for the stock from $30.00 to $40.00 in a research report on Wednesday, September 7th. They noted that the move was a valuation call. One research 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 has a consensus rating of “Hold” and an average target price of $48.63.
In related news, Director Arjun N. Murti purchased 6,500 shares of ConocoPhillips stock in a transaction dated Monday, August 1st. The shares were acquired at an average cost of $39.72 per share, with a total value of $258,180.00. Following the purchase, the director now owns 19,000 shares of the company’s stock, valued at $754,680. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Ellen Desanctis purchased 5,000 shares of ConocoPhillips stock in a transaction dated Thursday, August 11th. The stock was bought at an average cost of $40.50 per share, for a total transaction of $202,500.00. Following the completion of the purchase, the vice president now directly owns 22,010 shares in the company, valued at approximately $891,405. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by insiders.
ConocoPhillips Company Profile
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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