Traders Buy Shares of ConocoPhillips (COP) on Weakness
Investors bought shares of ConocoPhillips (NYSE:COP) on weakness during trading hours on Wednesday. $50.76 million flowed into the stock on the tick-up and $35.24 million flowed out of the stock on the tick-down, for a money net flow of $15.52 million into the stock. Of all companies tracked, ConocoPhillips had the 23rd highest net in-flow for the day. ConocoPhillips traded down ($0.64) for the day and closed at $40.60
A number of equities research analysts have commented on COP shares. Sanford C. Bernstein reissued an “outperform” rating on shares of ConocoPhillips in a report on Tuesday, April 12th. Deutsche Bank AG reissued a “buy” rating and set a $62.00 price objective on shares of ConocoPhillips in a report on Monday, May 16th. Bank of America Corp. reissued a “buy” rating and set a $71.00 price objective on shares of ConocoPhillips in a report on Friday, June 3rd. Citigroup Inc. increased their price objective on shares of ConocoPhillips from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, April 29th. Finally, Jefferies Group lowered shares of ConocoPhillips from a “hold” rating to an “underperform” rating and set a $37.00 price objective on the stock. in a report on Thursday, April 21st. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $48.41.
The stock’s 50 day moving average price is $41.81 and its 200-day moving average price is $41.21. The firm’s market cap is $50.28 billion.
ConocoPhillips (NYSE:COP) last released 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 earned $5.58 billion during the quarter, compared to the consensus estimate of $5.38 billion. The company’s revenue was down 35.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. Analysts predict that ConocoPhillips will post ($2.45) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Monday, July 25th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, July 21st.
In related news, Director Arjun N. Murti bought 6,500 shares of ConocoPhillips stock in a transaction that occurred on Monday, August 1st. The shares were acquired at an average cost of $39.72 per share, for a total transaction of $258,180.00. Following the completion of the acquisition, the director now directly owns 19,000 shares of the company’s stock, valued at approximately $754,680. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds recently made changes to their positions in COP. Bronfman E.L. Rothschild L.P. bought a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $1,113,000. Ashfield Capital Partners LLC boosted its stake in shares of ConocoPhillips by 11.5% in the fourth quarter. Ashfield Capital Partners LLC now owns 28,909 shares of the company’s stock valued at $1,350,000 after buying an additional 2,983 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of ConocoPhillips by 4.4% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 30,322 shares of the company’s stock valued at $1,416,000 after buying an additional 1,275 shares during the last quarter. Cypress Asset Management Inc. TX boosted its stake in shares of ConocoPhillips by 4.0% in the fourth quarter. Cypress Asset Management Inc. TX now owns 33,769 shares of the company’s stock valued at $1,577,000 after buying an additional 1,300 shares during the last quarter. Finally, Smith Salley & Associates boosted its stake in shares of ConocoPhillips by 3.7% in the fourth quarter. Smith Salley & Associates now owns 33,973 shares of the company’s stock valued at $1,586,000 after buying an additional 1,227 shares during the last quarter.
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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