Manning & Napier Advisors LLC Has $2.40 Million Position in ConocoPhillips (NYSE:COP)
Manning & Napier Advisors LLC increased its position in shares of ConocoPhillips (NYSE:COP) by 149.4% during the second quarter, Holdings Channel reports. The fund owned 54,665 shares of the energy producer’s stock after buying an additional 32,750 shares during the period. Manning & Napier Advisors LLC’s holdings in ConocoPhillips were worth $2,402,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in COP. Wellington Management Group LLP raised its stake in 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 last quarter. FMR LLC raised its stake in 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 last quarter. State Street Corp raised its stake in ConocoPhillips by 3.9% in the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock worth $3,260,918,000 after buying an additional 2,452,533 shares during the last quarter. First Eagle Investment Management LLC raised its stake in 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 last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in 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 last quarter. Institutional investors own 68.84% of the company’s stock.
Shares of ConocoPhillips (COP) traded down 1.0848% during midday trading on Thursday, reaching $45.1548. The company had a trading volume of 2,415,105 shares. The firm’s market capitalization is $54.95 billion. The stock has a 50-day moving average of $44.17 and a 200 day moving average of $46.54. ConocoPhillips has a 52 week low of $39.00 and a 52 week high of $53.17.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.88 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the previous year, the firm posted ($0.79) earnings per share. On average, analysts anticipate that ConocoPhillips will post $0.25 earnings per share 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. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $1.06 annualized dividend and a dividend yield of 2.32%. ConocoPhillips’s dividend payout ratio (DPR) is -34.98%.
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A number of analysts recently issued reports on COP shares. BidaskClub lowered ConocoPhillips from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Cowen and Company reiterated 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 ConocoPhillips and gave the company a “buy” rating in a research note on Sunday, July 16th. Citigroup Inc. decreased their price objective on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. Finally, Sanford C. Bernstein lowered ConocoPhillips from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $63.00 to $42.00 in a research note on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus 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 stock was sold at an average price of $47.47, for a total value of $431,549.77. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.82% of the company’s stock.
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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