King Luther Capital Management Corp Lowers Position in ConocoPhillips (COP)
King Luther Capital Management Corp trimmed its position in ConocoPhillips (NYSE:COP) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,058,752 shares of the energy producer’s stock after selling 28,115 shares during the quarter. King Luther Capital Management Corp owned approximately 0.09% of ConocoPhillips worth $46,543,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Patten & Patten Inc. TN increased its position in ConocoPhillips by 4.6% in the second quarter. Patten & Patten Inc. TN now owns 59,322 shares of the energy producer’s stock worth $2,608,000 after purchasing an additional 2,607 shares during the period. Point View Wealth Management Inc. grew its position in shares of ConocoPhillips by 19.8% during the 2nd quarter. Point View Wealth Management Inc. now owns 32,939 shares of the energy producer’s stock worth $1,448,000 after buying an additional 5,452 shares during the period. Freestone Capital Holdings LLC grew its position in shares of ConocoPhillips by 78.7% during the 2nd quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock worth $354,000 after buying an additional 3,543 shares during the period. Shell Asset Management Co. grew its position in shares of ConocoPhillips by 2.4% during the 2nd quarter. Shell Asset Management Co. now owns 202,066 shares of the energy producer’s stock worth $8,883,000 after buying an additional 4,647 shares during the period. Finally, FMR LLC grew its position in shares of ConocoPhillips by 6.9% during the 1st 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 period. Hedge funds and other institutional investors own 70.17% of the company’s stock.
COP has been the subject of several analyst reports. Citigroup Inc. decreased their target price on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Cowen and Company set a $55.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Royal Bank Of Canada set a $62.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research report on Sunday, July 16th. Scotiabank set a $54.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Finally, Jefferies Group LLC set a $59.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research report on Sunday, July 30th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. ConocoPhillips has an average rating of “Hold” and a consensus price target of $55.37.
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Shares of ConocoPhillips (NYSE COP) opened at $52.99 on Friday. The company has a market capitalization of $63,350.39, a P/E ratio of 2,649.50, a price-to-earnings-growth ratio of 13.72 and a beta of 1.28. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.38 and a quick ratio of 2.23. ConocoPhillips has a 12 month low of $42.26 and a 12 month high of $54.22.
ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 26th. The energy producer reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The firm had revenue of $7.20 billion for the quarter, compared to analysts’ expectations of $6.55 billion. ConocoPhillips had a positive return on equity of 0.12% and a negative net margin of 7.32%. During the same quarter in the previous year, the business posted ($0.66) EPS. equities research analysts expect that ConocoPhillips will post 0.52 earnings per share for the current fiscal year.
The company also recently announced 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. This represents a $1.06 annualized dividend and a yield of 2.00%. The ex-dividend date is Friday, October 13th. ConocoPhillips’s payout ratio is -57.30%.
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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