ConocoPhillips (COP) Position Trimmed by M&T Bank Corp
M&T Bank Corp decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 3.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,657,403 shares of the energy producer’s stock after selling 53,932 shares during the quarter. M&T Bank Corp owned about 0.14% of ConocoPhillips worth $72,860,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. Wealthfront Inc. lifted its position in shares of ConocoPhillips by 37.3% in the 2nd quarter. Wealthfront Inc. now owns 39,451 shares of the energy producer’s stock worth $1,734,000 after acquiring an additional 10,728 shares during the period. GM Advisory Group Inc. bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $251,000. TIAA FSB bought a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $3,507,000. Vanguard Group Inc. lifted its position in shares of ConocoPhillips by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock worth $3,980,473,000 after acquiring an additional 1,694,618 shares during the period. Finally, Pinebridge Investments L.P. lifted its position in shares of ConocoPhillips by 242.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 19,139 shares of the energy producer’s stock worth $841,000 after acquiring an additional 13,558 shares during the period. Hedge funds and other institutional investors own 70.08% of the company’s stock.
Shares of ConocoPhillips (COP) opened at $50.13 on Friday. The company has a market capitalization of $60,040.00, a price-to-earnings ratio of 2,561.50, a PEG ratio of 12.59 and a beta of 1.28. ConocoPhillips has a 52 week low of $42.26 and a 52 week high of $54.22. 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 (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 company had revenue of $7.20 billion during 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 period last year, the firm earned ($0.66) EPS. sell-side analysts predict that ConocoPhillips will post 0.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders 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 dividend yield of 2.11%. ConocoPhillips’s dividend payout ratio (DPR) is currently -53.27%.
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A number of analysts have commented on COP shares. Citigroup Inc. reduced their price objective on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating for the company in a research report on Friday, July 21st. ValuEngine upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Bank of America Corporation upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $58.00 in a research report on Friday, July 28th. Jefferies Group LLC set a $59.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research report on Sunday, July 30th. Finally, BidaskClub upgraded ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $55.37.
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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