Pillar Pacific Capital Management LLC Buys 1,550 Shares of ConocoPhillips (COP)
Pillar Pacific Capital Management LLC raised its stake in shares of ConocoPhillips (NYSE:COP) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,624 shares of the energy producer’s stock after acquiring an additional 1,550 shares during the quarter. Pillar Pacific Capital Management LLC’s holdings in ConocoPhillips were worth $3,500,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Command Bank boosted its position in shares of ConocoPhillips by 9.4% in the 2nd quarter. First Command Bank now owns 2,313 shares of the energy producer’s stock worth $101,000 after purchasing an additional 199 shares in the last quarter. Westside Investment Management Inc. boosted its position in shares of ConocoPhillips by 468.4% in the 1st quarter. Westside Investment Management Inc. now owns 2,427 shares of the energy producer’s stock worth $119,000 after purchasing an additional 2,000 shares in the last quarter. Advantage Investment Management LLC boosted its position in shares of ConocoPhillips by 65.3% in the 1st quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock worth $121,000 after purchasing an additional 958 shares in the last quarter. Reilly Financial Advisors LLC boosted its position in shares of ConocoPhillips by 20.5% in the 2nd quarter. Reilly Financial Advisors LLC now owns 2,758 shares of the energy producer’s stock worth $121,000 after purchasing an additional 470 shares in the last quarter. Finally, Massey Quick & Co. LLC acquired a new stake in shares of ConocoPhillips in the 1st quarter worth $123,000. 68.90% of the stock is currently owned by institutional investors and hedge funds.
COP has been the subject of a number of recent analyst reports. Scotiabank reissued a “buy” rating and issued a $52.00 price objective on shares of ConocoPhillips in a research report on Friday, September 8th. BidaskClub lowered ConocoPhillips from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Citigroup Inc. reduced their target price on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Royal Bank Of Canada set a $62.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research note on Sunday, July 16th. Finally, Sanford C. Bernstein lowered ConocoPhillips from an “outperform” rating to a “market perform” rating and reduced their target price for the stock 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, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $54.19.
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ConocoPhillips (COP) opened at 48.69 on Friday. ConocoPhillips has a 52 week low of $39.00 and a 52 week high of $53.17. The stock’s market cap is $59.25 billion. The company has a 50 day moving average price of $44.59 and a 200 day moving average price of $45.61. ConocoPhillips also was the recipient of unusually large options trading activity on Wednesday. Traders purchased 13,607 put options on the stock. This is an increase of 309% compared to the typical volume of 3,327 put options.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.16. The firm had revenue of $8.88 billion during the quarter, compared to analysts’ expectations 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 company posted ($0.79) earnings per share. Analysts expect that ConocoPhillips will post $0.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, July 24th were issued a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, July 20th. This represents a $1.06 annualized dividend and a yield of 2.18%. ConocoPhillips’s dividend payout ratio is currently -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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