ConocoPhillips (COP) Shares Sold by Independent Investors Inc.
Independent Investors Inc. decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 6.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,250 shares of the energy producer’s stock after selling 500 shares during the quarter. Independent Investors Inc.’s holdings in ConocoPhillips were worth $318,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of COP. Waldron LP raised its stake in ConocoPhillips by 44.5% during the first quarter. Waldron LP now owns 7,072 shares of the energy producer’s stock worth $350,000 after acquiring an additional 2,178 shares in the last quarter. Wetherby Asset Management Inc. raised its stake in ConocoPhillips by 6.1% during the first quarter. Wetherby Asset Management Inc. now owns 22,404 shares of the energy producer’s stock worth $1,117,000 after acquiring an additional 1,291 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its stake in ConocoPhillips by 1.1% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 190,532 shares of the energy producer’s stock worth $9,501,000 after acquiring an additional 2,045 shares in the last quarter. LaFleur & Godfrey LLC acquired a new position in ConocoPhillips during the first quarter worth about $14,262,000. Finally, Oregon Public Employees Retirement Fund raised its stake in ConocoPhillips by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 129,863 shares of the energy producer’s stock worth $6,476,000 after acquiring an additional 600 shares in the last quarter. 68.90% of the stock is owned by hedge funds and other institutional investors.
ConocoPhillips (NYSE COP) opened at 50.05 on Friday. The firm has a 50-day moving average price of $44.59 and a 200 day moving average price of $45.61. The firm’s market capitalization is $60.91 billion. ConocoPhillips has a 52 week low of $39.00 and a 52 week high of $53.17.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $6.74 billion. During the same period last year, the company earned ($0.79) EPS. On average, equities research analysts forecast that ConocoPhillips will post $0.27 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, July 24th were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, July 20th. This represents a $1.06 annualized dividend and a yield of 2.12%. ConocoPhillips’s payout ratio is -34.98%.
Several brokerages have commented on COP. Scotiabank reissued a “buy” rating and set a $53.00 target price on shares of ConocoPhillips in a research note on Friday. Royal Bank Of Canada reissued a “buy” rating and set a $54.00 target price on shares of ConocoPhillips in a research note on Friday. BidaskClub downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Zacks Investment Research raised ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Piper Jaffray Companies set a $45.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research note on Friday, August 25th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $54.24.
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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