ConocoPhillips (COP) Holdings Trimmed by Yacktman Asset Management LP
Yacktman Asset Management LP cut its holdings in shares of ConocoPhillips (NYSE:COP) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,522,999 shares of the energy producer’s stock after selling 32,428 shares during the period. ConocoPhillips makes up approximately 1.5% of Yacktman Asset Management LP’s investment portfolio, making the stock its 15th largest holding. Yacktman Asset Management LP owned 0.29% of ConocoPhillips worth $154,871,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Hartland & Co. LLC lifted its holdings in ConocoPhillips by 12.9% during the second quarter. Hartland & Co. LLC now owns 13,379 shares of the energy producer’s stock worth $588,000 after acquiring an additional 1,530 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in ConocoPhillips by 5.9% during the second quarter. Deprince Race & Zollo Inc. now owns 1,008,216 shares of the energy producer’s stock worth $44,321,000 after acquiring an additional 56,503 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ConocoPhillips by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 15,774,835 shares of the energy producer’s stock worth $693,462,000 after acquiring an additional 397,339 shares in the last quarter. State of Wisconsin Investment Board lifted its holdings in ConocoPhillips by 21.2% during the second quarter. State of Wisconsin Investment Board now owns 1,543,222 shares of the energy producer’s stock worth $67,840,000 after acquiring an additional 270,200 shares in the last quarter. Finally, Lloyds Banking Group plc bought a new position in ConocoPhillips during the second quarter worth about $127,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.
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Several research firms have weighed in on COP. Barclays PLC reiterated an “overweight” rating and set a $55.00 target price (up from $51.00) on shares of ConocoPhillips in a report on Tuesday, October 10th. Scotiabank reiterated a “buy” rating and set a $53.00 target price on shares of ConocoPhillips in a report on Friday, September 29th. Zacks Investment Research downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. BidaskClub downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Finally, Piper Jaffray Companies set a $45.00 price target on ConocoPhillips and gave the company a “buy” rating in a research note on Friday, August 25th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $54.15.
ConocoPhillips (COP) opened at 49.72 on Tuesday. The firm’s market cap is $60.51 billion. The firm’s 50-day moving average price is $47.32 and its 200-day moving average price is $46.11. ConocoPhillips has a 12 month low of $40.37 and a 12 month high of $53.17.
ConocoPhillips (NYSE:COP) last announced 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 net margin of 12.29% and a negative return on equity of 2.86%. The business had revenue of $8.88 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the firm earned ($0.79) EPS. On average, equities research analysts expect that ConocoPhillips will post $0.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Monday, October 16th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.06 annualized dividend and a yield of 2.13%. ConocoPhillips’s dividend payout ratio (DPR) is -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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