Airain ltd Purchases New Position in ConocoPhillips (COP)
Airain ltd purchased a new position in ConocoPhillips (NYSE:COP) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 103,480 shares of the energy producer’s stock, valued at approximately $5,161,000.
A number of other hedge funds have also modified their holdings of COP. Gemmer Asset Management LLC boosted its position in ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock worth $108,000 after buying an additional 8 shares during the period. Quadrant Capital Group LLC boosted its position in ConocoPhillips by 30.9% in the first quarter. Quadrant Capital Group LLC now owns 2,413 shares of the energy producer’s stock worth $109,000 after buying an additional 569 shares during the period. Financial Management Professionals Inc. boosted its position in ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock worth $114,000 after buying an additional 6 shares during the period. Advocacy Wealth Management Services LLC boosted its position in ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock worth $116,000 after buying an additional 100 shares during the period. Finally, Advantage Investment Management LLC boosted its position in ConocoPhillips by 65.3% in the first quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock worth $121,000 after buying an additional 958 shares during the period. Hedge funds and other institutional investors own 67.74% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) opened at 42.61 on Tuesday. The stock’s 50 day moving average is $44.21 and its 200 day moving average is $46.95. The stock’s market cap is $52.71 billion. ConocoPhillips has a 52 week low of $38.80 and a 52 week high of $53.17.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.05. The company had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. During the same quarter last year, the company earned ($0.95) EPS. On average, equities analysts forecast that ConocoPhillips will post $0.01 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $1.06 dividend on an annualized basis and a yield of 2.49%. ConocoPhillips’s dividend payout ratio (DPR) is -95.50%.
ConocoPhillips declared that its Board of Directors has authorized a share buyback plan on Wednesday, March 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
A number of equities analysts have recently issued reports on the stock. UBS AG raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $55.00 in a research report on Thursday, March 30th. Cowen and Company reissued a “buy” rating on shares of ConocoPhillips in a research report on Friday, April 14th. Bank of America Corporation cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $68.00 to $67.00 in a research report on Thursday, May 11th. Scotiabank set a $54.00 price objective on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Saturday, July 1st. Finally, Wolfe Research cut shares of ConocoPhillips from an “outperform” rating to a “market perform” rating in a research report on Monday, July 17th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $55.63.
In related news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $47.47, for a total transaction of $431,549.77. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.82% of the stock is owned by corporate insiders.
ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP).
Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.