Bridges Investment Management Inc. Increases Position in ConocoPhillips (COP)
Bridges Investment Management Inc. raised its position in shares of ConocoPhillips (NYSE:COP) by 3.7% during the second quarter, Holdings Channel reports. The institutional investor owned 5,600 shares of the energy producer’s stock after buying an additional 200 shares during the period. Bridges Investment Management Inc.’s holdings in ConocoPhillips were worth $247,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the stock. Juncture Wealth Strategies LLC increased its position in shares of ConocoPhillips by 6.5% in the first quarter. Juncture Wealth Strategies LLC now owns 13,200 shares of the energy producer’s stock worth $658,000 after buying an additional 800 shares in the last quarter. Heritage Investors Management Corp increased its position in shares of ConocoPhillips by 0.8% in the first quarter. Heritage Investors Management Corp now owns 188,537 shares of the energy producer’s stock worth $9,402,000 after buying an additional 1,446 shares in the last quarter. Torch Wealth Management LLC increased its position in shares of ConocoPhillips by 0.7% in the first quarter. Torch Wealth Management LLC now owns 30,022 shares of the energy producer’s stock worth $1,497,000 after buying an additional 200 shares in the last quarter. Iowa State Bank acquired a new position in shares of ConocoPhillips during the first quarter worth approximately $234,000. Finally, Tompkins Financial Corp increased its position in shares of ConocoPhillips by 456.7% in the first quarter. Tompkins Financial Corp now owns 8,267 shares of the energy producer’s stock worth $333,000 after buying an additional 6,782 shares in the last quarter. 68.68% of the stock is currently owned by institutional investors and hedge funds.
ConocoPhillips (COP) traded down 0.82% on Thursday, reaching $43.33. 1,897,189 shares of the company’s stock were exchanged. The firm’s market capitalization is $52.73 billion. The firm has a 50-day moving average of $44.16 and a 200-day moving average of $46.34. ConocoPhillips has a 12 month low of $39.00 and a 12 month high of $53.17.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $8.88 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the firm earned ($0.79) EPS. On average, equities analysts expect that ConocoPhillips will post $0.26 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is presently -34.98%.
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A number of brokerages have recently commented on COP. Bank of America Corporation downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating and cut their target price for the company from $68.00 to $67.00 in a research note on Thursday, May 11th. Jefferies Group LLC raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $59.00 in a research note on Wednesday, May 17th. BidaskClub raised shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $62.00 price target on shares of ConocoPhillips in a research note on Thursday, June 15th. Finally, Zacks Investment Research raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. ConocoPhillips currently has an average rating of “Buy” and an average target price of $55.18.
In other news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $47.47, for a total value of $431,549.77. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.82% of the stock is currently owned by company insiders.
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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