ConocoPhillips Sees Unusually Large Options Volume (COP)
ConocoPhillips (NYSE:COP) was the recipient of some unusual options trading on Wednesday. Traders bought 13,607 put options on the company. This represents an increase of 309% compared to the typical daily volume of 3,327 put options.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of ConocoPhillips by 1.9% in the second quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock valued at $3,980,473,000 after purchasing an additional 1,694,618 shares during the last quarter. BlackRock Inc. grew its position in shares of ConocoPhillips by 7.8% in the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after purchasing an additional 6,197,896 shares during the last quarter. State Street Corp grew its position in shares of ConocoPhillips by 3.9% in the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock valued at $3,260,918,000 after purchasing an additional 2,452,533 shares during the last quarter. FMR LLC grew its position 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 valued at $3,066,900,000 after purchasing an additional 3,982,002 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of ConocoPhillips by 1.1% in the first quarter. Macquarie Group Ltd. now owns 15,981,830 shares of the energy producer’s stock valued at $797,013,000 after purchasing an additional 176,055 shares during the last quarter. Institutional investors and hedge funds own 68.90% of the company’s stock.
COP has been the topic of a number of analyst reports. Scotiabank set a $54.00 target price on ConocoPhillips and gave the company a “buy” rating in a research report on Saturday, July 1st. Royal Bank Of Canada restated a “buy” rating and set a $62.00 target price on shares of ConocoPhillips in a research report on Thursday, June 15th. Citigroup Inc. dropped their target price on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Cowen and Company set a $55.00 target price on ConocoPhillips and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, Bank of America Corporation upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and raised their target price for the company from $51.00 to $58.00 in a research report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $54.19.
ConocoPhillips (NYSE COP) opened at 49.08 on Friday. The firm has a 50-day moving average of $44.59 and a 200-day moving average of $45.61. ConocoPhillips has a 1-year low of $39.00 and a 1-year high of $53.17. The stock’s market capitalization is $59.73 billion.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.16. The business had revenue of $8.88 billion for 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 in the prior year, the business earned ($0.79) earnings per share. Equities research analysts anticipate that ConocoPhillips will post $0.27 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, July 24th were given a $0.265 dividend. The ex-dividend date was Thursday, July 20th. This represents a $1.06 annualized dividend and a dividend yield of 2.16%. ConocoPhillips’s dividend payout ratio is presently -34.98%.
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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