ConocoPhillips (COP) Stake Lowered by American Research & Management Co.
American Research & Management Co. reduced its position in shares of ConocoPhillips (NYSE:COP) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,373 shares of the company’s stock after selling 112 shares during the period. American Research & Management Co.’s holdings in ConocoPhillips were worth $409,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in shares of ConocoPhillips by 149.8% in the first quarter. Franklin Resources Inc. now owns 755,355 shares of the company’s stock worth $30,418,000 after buying an additional 452,995 shares in the last quarter. BlackRock Group LTD raised its stake 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. BlackRock Institutional Trust Company N.A. raised its stake 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. BlackRock Japan Co. Ltd raised its stake in shares of ConocoPhillips by 2.6% in the first quarter. BlackRock Japan Co. Ltd now owns 1,665,700 shares of the company’s stock worth $67,078,000 after buying an additional 41,488 shares in the last quarter. Finally, Bristlecone Advisors LLC raised its stake in shares of ConocoPhillips by 17.7% in the first quarter. Bristlecone Advisors LLC now owns 17,740 shares of the company’s stock worth $714,000 after buying an additional 2,670 shares in the last quarter. Hedge funds and other institutional investors own 63.70% of the company’s stock.
ConocoPhillips (NYSE:COP) traded up 2.63% during midday trading on Wednesday, hitting $41.72. 9,606,534 shares of the stock traded hands. ConocoPhillips has a 52 week low of $31.05 and a 52 week high of $57.24. The stock’s market capitalization is $51.67 billion. The stock’s 50-day moving average price is $41.72 and its 200-day moving average price is $42.86.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.79) earnings per share for the quarter, missing the Thomson Reuters’ 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. ConocoPhillips had a negative net margin of 28.40% and a negative return on equity of 9.26%. The company’s quarterly revenue was down 35.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.07 EPS. Equities research analysts expect that ConocoPhillips will post ($2.47) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, October 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.00 annualized dividend and a yield of 2.40%. ConocoPhillips’s payout ratio is currently -17.57%.
A number of analysts have weighed in on COP shares. Jefferies Group restated a “sell” rating on shares of ConocoPhillips in a research report on Thursday, June 30th. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from an “underweight” rating to a “neutral” rating and set a $44.00 target price on the stock in a research report on Monday, July 11th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of 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. Deutsche Bank AG reiterated a “buy” rating on shares of ConocoPhillips in a report on Sunday, July 31st. Finally, Simmons reiterated a “neutral” rating on shares of ConocoPhillips in a report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $49.69.
In other news, VP Ellen Desanctis purchased 5,000 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was acquired at an average price of $40.50 per share, with a total value of $202,500.00. Following the transaction, the vice president now directly owns 22,010 shares of the company’s stock, valued at approximately $891,405. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arjun N. Murti purchased 6,500 shares of the company’s stock in a transaction on Monday, August 1st. The shares were purchased at an average cost of $39.72 per share, with a total value of $258,180.00. Following the transaction, the director now directly owns 19,000 shares in the company, valued at $754,680. The disclosure for this purchase can be found here. Company insiders own 0.07% of the company’s stock.
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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