Axa Reduces Position in ConocoPhillips (COP)
Axa cut its position in shares of ConocoPhillips (NYSE:COP) by 28.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,267,179 shares of the energy producer’s stock after selling 508,055 shares during the period. Axa owned about 0.10% of ConocoPhillips worth $63,195,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in COP. First Eagle Investment Management LLC boosted its stake in shares of ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after buying an additional 1,744,860 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of ConocoPhillips by 1.9% in the first quarter. Prudential Financial Inc. now owns 5,143,375 shares of the energy producer’s stock worth $256,500,000 after buying an additional 93,430 shares during the last quarter. Swiss National Bank boosted its stake in shares of ConocoPhillips by 27.3% in the first quarter. Swiss National Bank now owns 4,390,099 shares of the energy producer’s stock worth $218,934,000 after buying an additional 940,600 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of ConocoPhillips by 21.2% in the first quarter. UBS Asset Management Americas Inc. now owns 4,174,799 shares of the energy producer’s stock worth $208,197,000 after buying an additional 730,325 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of ConocoPhillips by 24.3% in the first quarter. Alliancebernstein L.P. now owns 3,218,962 shares of the energy producer’s stock worth $160,530,000 after buying an additional 628,346 shares during the last quarter. 68.98% of the stock is owned by hedge funds and other institutional investors.
Shares of ConocoPhillips (NYSE COP) traded down 1.22% on Monday, reaching $43.05. 1,315,663 shares of the company’s stock traded hands. The firm’s market capitalization is $52.39 billion. The company has a 50 day moving average price of $43.96 and a 200 day moving average price of $46.07. ConocoPhillips has a 52 week low of $39.00 and a 52 week high of $53.17.
ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The business had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the prior year, the business earned ($0.79) EPS. On average, equities research analysts predict that ConocoPhillips will post $0.24 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be paid a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $1.06 annualized dividend and a dividend yield of 2.43%. ConocoPhillips’s dividend payout ratio is currently -34.98%.
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COP has been the subject of a number of research reports. Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a report on Saturday, July 1st. BidaskClub raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Sanford C. Bernstein cut shares of ConocoPhillips from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $63.00 to $42.00 in a report on Thursday, July 6th. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Bank of America Corporation cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and reduced their target price for the company from $68.00 to $67.00 in a report on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. ConocoPhillips presently has an average rating of “Buy” and an average price target of $54.38.
ConocoPhillips Company Profile
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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