Prudential Financial Inc. Acquires 412,314 Shares of ConocoPhillips (COP)
Prudential Financial Inc. raised its stake in shares of ConocoPhillips (NYSE:COP) by 19.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,528,841 shares of the company’s stock after buying an additional 412,314 shares during the period. Prudential Financial Inc. owned approximately 0.20% of ConocoPhillips worth $110,258,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp raised 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 in the last quarter. Ameriprise Financial Inc. raised 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 in the last quarter. Rockefeller Financial Services Inc. raised 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 in the last quarter. Emerald Acquisition Ltd. acquired a new stake in ConocoPhillips during the second quarter valued at approximately $46,653,000. Finally, American Century Companies Inc. raised 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 in the last quarter. 63.70% of the stock is owned by institutional investors and hedge funds.
ConocoPhillips (NYSE:COP) traded up 0.10% during midday trading on Friday, reaching $41.06. 1,620,416 shares of the company’s stock traded hands. ConocoPhillips has a 52-week low of $31.05 and a 52-week high of $57.24. The company’s market cap is $50.85 billion. The stock has a 50-day moving average of $41.54 and a 200 day moving average of $42.59.
ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.79) EPS for the quarter, missing the Zacks’ 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 period last year, the firm earned $0.07 earnings per share. The company’s revenue for the quarter was down 35.6% compared to the same quarter last year. On average, analysts anticipate that ConocoPhillips will post ($2.48) earnings per share for the current fiscal year.
The firm also recently announced 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 2.44%. ConocoPhillips’s payout ratio is presently -17.57%.
A number of equities research analysts have recently issued reports on the stock. 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. Jefferies Group restated a “sell” rating on shares of ConocoPhillips in a report on Thursday, June 30th. Vetr lowered shares of 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. JPMorgan Chase & Co. upgraded shares of 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. Finally, Simmons restated a “neutral” rating on shares of ConocoPhillips in a report on Thursday, August 11th. One equities 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 company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $48.63.
In other ConocoPhillips news, Director Arjun N. Murti bought 6,500 shares of ConocoPhillips stock in a transaction dated Monday, August 1st. The stock was bought at an average price of $39.72 per share, with a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ellen Desanctis bought 5,000 shares of ConocoPhillips stock in a transaction dated Thursday, August 11th. The stock was acquired at an average cost 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. 0.07% of the stock is currently 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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