Stockman Wealth Management Inc. Cuts Stake in ConocoPhillips (COP)
Stockman Wealth Management Inc. lowered its position in ConocoPhillips (NYSE:COP) by 23.0% during the first quarter, Holdings Channel reports. The fund owned 18,451 shares of the energy producer’s stock after selling 5,525 shares during the period. Stockman Wealth Management Inc.’s holdings in ConocoPhillips were worth $920,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of COP. Gemmer Asset Management LLC raised its stake 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 in the last quarter. Quadrant Capital Group LLC raised its stake 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 in the last quarter. Financial Management Professionals Inc. raised its stake 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 in the last quarter. Advocacy Wealth Management Services LLC raised its stake 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 in the last quarter. Finally, Westside Investment Management Inc. raised its stake in ConocoPhillips by 468.4% in the first quarter. Westside Investment Management Inc. now owns 2,427 shares of the energy producer’s stock worth $119,000 after buying an additional 2,000 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ConocoPhillips (NYSE COP) traded down 0.18% on Wednesday, hitting $45.55. 1,020,976 shares of the stock traded hands. ConocoPhillips has a 52-week low of $39.00 and a 52-week high of $53.17. The firm has a 50 day moving average price of $44.23 and a 200 day moving average price of $46.67. The firm’s market cap is $55.43 billion.
ConocoPhillips (NYSE:COP) last released its quarterly 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. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The company had revenue of $8.88 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the firm posted ($0.79) EPS. On average, equities analysts forecast that ConocoPhillips will post $0.25 EPS for the current 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 issued a dividend of $0.265 per share. The ex-dividend date is Thursday, July 20th. This represents a $1.06 annualized dividend and a yield of 2.32%. ConocoPhillips’s payout ratio is presently -34.98%.
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A number of equities research analysts have recently commented on the stock. Scotiabank set a $54.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub upgraded shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Jefferies Group LLC set a $59.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Sunday, July 30th. Finally, Bank of America Corporation upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their target price for the company from $51.00 to $58.00 in a research report on Friday, July 28th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. ConocoPhillips presently has a consensus rating of “Hold” and a consensus price target of $55.18.
In related news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.82% of the company’s stock.
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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