Meyer Handelman Co. Sells 4,500 Shares of ConocoPhillips (COP)
Meyer Handelman Co. cut its position in ConocoPhillips (NYSE:COP) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,507 shares of the energy producer’s stock after selling 4,500 shares during the period. Meyer Handelman Co.’s holdings in ConocoPhillips were worth $5,210,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of COP. Patten & Patten Inc. TN increased its position in shares of ConocoPhillips by 4.6% in the second quarter. Patten & Patten Inc. TN now owns 59,322 shares of the energy producer’s stock worth $2,608,000 after buying an additional 2,607 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of ConocoPhillips during the first quarter worth approximately $193,000. First Foundation Advisors acquired a new position in shares of ConocoPhillips during the first quarter worth approximately $497,000. Capital Investment Advisors LLC increased its position in shares of ConocoPhillips by 10.3% in the first quarter. Capital Investment Advisors LLC now owns 26,482 shares of the energy producer’s stock worth $1,321,000 after buying an additional 2,477 shares during the period. Finally, Shell Asset Management Co. increased its position in shares of ConocoPhillips by 1.0% in the first quarter. Shell Asset Management Co. now owns 197,419 shares of the energy producer’s stock worth $9,845,000 after buying an additional 1,887 shares during the period. 68.84% of the stock is owned by institutional investors.
ConocoPhillips (NYSE:COP) traded down 0.296% during midday trading on Wednesday, reaching $45.495. 3,304,821 shares of the company’s stock traded hands. ConocoPhillips has a 1-year low of $39.00 and a 1-year high of $53.17. The firm’s 50 day moving average price is $44.23 and its 200-day moving average price is $46.67. The company’s market capitalization is $55.37 billion.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.16. The business had revenue of $8.88 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned ($0.79) earnings per share. Equities analysts expect that ConocoPhillips will post $0.25 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s payout ratio is -34.98%.
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COP has been the subject of a number of recent research reports. Royal Bank Of Canada set a $62.00 price objective on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Sunday, July 16th. Zacks Investment Research downgraded shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. BidaskClub raised shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Jefferies Group LLC reissued a “hold” rating and issued a $55.00 price objective on shares of ConocoPhillips in a research note on Friday, May 5th. Finally, Scotiabank set a $54.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $55.18.
In other news, VP James D. Mcmorran sold 9,091 shares of ConocoPhillips stock in a transaction dated Friday, May 19th. The shares were 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 SEC, which is available at this hyperlink. 0.82% of the stock is owned by 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.
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