ConocoPhillips (COP) Stake Lowered by Fayez Sarofim & Co
Fayez Sarofim & Co lowered its position in ConocoPhillips (NYSE:COP) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,387,741 shares of the energy producer’s stock after selling 148,073 shares during the period. Fayez Sarofim & Co’s holdings in ConocoPhillips were worth $168,947,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of COP. Wellington Management Group LLP increased its stake in shares of ConocoPhillips by 255.3% in the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock worth $638,530,000 after buying an additional 9,200,014 shares during the period. FMR LLC increased its stake in shares of ConocoPhillips by 6.9% in the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after buying an additional 3,982,002 shares during the period. First Eagle Investment Management LLC increased its stake in shares of ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after buying an additional 1,744,860 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of ConocoPhillips by 74.3% in the first quarter. State of New Jersey Common Pension Fund D now owns 2,345,000 shares of the energy producer’s stock worth $116,945,000 after buying an additional 1,000,000 shares during the period. Finally, First Manhattan Co. increased its stake in shares of ConocoPhillips by 71.7% in the first quarter. First Manhattan Co. now owns 2,299,139 shares of the energy producer’s stock worth $99,943,000 after buying an additional 959,712 shares during the period. 68.84% of the stock is owned by institutional investors.
ConocoPhillips (COP) traded down 0.04% on Wednesday, hitting $45.61. 1,044,930 shares of the company’s stock were exchanged. ConocoPhillips has a 52-week low of $39.00 and a 52-week high of $53.17. The stock’s market cap is $55.51 billion. The firm has a 50 day moving average price of $44.23 and a 200-day moving average price of $46.67.
ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.16. The firm had revenue of $8.88 billion during the quarter, compared to analyst estimates of $6.74 billion. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. During the same period last year, the firm posted ($0.79) earnings per share. Analysts predict that ConocoPhillips will post $0.25 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be given a $0.265 dividend. 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 2.32%. ConocoPhillips’s dividend payout ratio is presently -34.98%.
A number of analysts have recently weighed in on COP shares. BidaskClub downgraded shares of ConocoPhillips from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 27th. Cowen and Company reissued a “buy” rating on shares of ConocoPhillips in a research note on Friday, April 14th. Royal Bank Of Canada set a $62.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Sunday, July 16th. Sanford C. Bernstein downgraded shares of ConocoPhillips from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $63.00 to $42.00 in a research note on Thursday, July 6th. Finally, Guggenheim initiated coverage on shares of ConocoPhillips in a research note on Tuesday, April 18th. They issued a “neutral” rating for the company. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips presently has a consensus rating of “Hold” and a consensus target price of $55.18.
In related news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $47.47, for a total value of $431,549.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.82% of the stock is owned by company insiders.
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.
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