Patten Group Inc. Lowers Position in ConocoPhillips (COP)
Patten Group Inc. lowered its stake in shares of ConocoPhillips (NYSE:COP) by 0.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,874 shares of the energy producer’s stock after selling 28 shares during the period. Patten Group Inc.’s holdings in ConocoPhillips were worth $341,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Gemmer Asset Management LLC boosted its stake in shares of ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock valued at $108,000 after buying an additional 8 shares in the last quarter. Financial Management Professionals Inc. boosted its stake in shares of ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock valued at $114,000 after buying an additional 6 shares in the last quarter. Advocacy Wealth Management Services LLC boosted its stake in shares of ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock valued at $116,000 after buying an additional 100 shares in the last quarter. Westside Investment Management Inc. boosted its stake in shares of ConocoPhillips by 468.4% in the first quarter. Westside Investment Management Inc. now owns 2,427 shares of the energy producer’s stock valued at $119,000 after buying an additional 2,000 shares in the last quarter. Finally, Advantage Investment Management LLC boosted its stake in shares of ConocoPhillips by 65.3% in the first quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock valued at $121,000 after buying an additional 958 shares in the last quarter. 68.68% of the stock is owned by institutional investors.
ConocoPhillips (COP) traded down 0.34% during midday trading on Thursday, hitting $43.54. 1,358,040 shares of the stock traded hands. The company has a 50-day moving average of $44.16 and a 200-day moving average of $46.34. The stock’s market cap is $52.99 billion. ConocoPhillips has a 1-year low of $39.00 and a 1-year high of $53.17.
ConocoPhillips (NYSE:COP) last issued its quarterly 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 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 period in the prior year, the firm earned ($0.79) EPS. On average, equities analysts expect that ConocoPhillips will post $0.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s payout ratio is -34.98%.
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Several analysts have recently issued reports on COP shares. 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. Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a report on Saturday, July 1st. Jefferies Group LLC upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and lifted their target price for the company from $55.00 to $59.00 in a report on Wednesday, May 17th. Cowen and Company set a $55.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a report on Tuesday, July 18th. Finally, Citigroup Inc. reduced their target price on shares of ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $55.18.
In other news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.82% of the stock is currently 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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