ConocoPhillips (COP) Stake Lessened by Palisade Asset Management LLC
Palisade Asset Management LLC cut its stake in shares of ConocoPhillips (NYSE:COP) by 9.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,802 shares of the energy producer’s stock after selling 1,985 shares during the period. Palisade Asset Management LLC’s holdings in ConocoPhillips were worth $991,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Freestone Capital Holdings LLC grew its holdings in shares of ConocoPhillips by 78.7% during the second quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock valued at $354,000 after buying an additional 3,543 shares in the last quarter. Point View Wealth Management Inc. grew its stake in ConocoPhillips by 19.8% in the second quarter. Point View Wealth Management Inc. now owns 32,939 shares of the energy producer’s stock valued at $1,448,000 after purchasing an additional 5,452 shares in the last quarter. Shell Asset Management Co. grew its stake in ConocoPhillips by 2.4% in the second quarter. Shell Asset Management Co. now owns 202,066 shares of the energy producer’s stock valued at $8,883,000 after purchasing an additional 4,647 shares in the last quarter. FMR LLC grew its stake in ConocoPhillips by 6.9% in the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after purchasing an additional 3,982,002 shares in the last quarter. Finally, Citizens Financial Group Inc. RI grew its stake in ConocoPhillips by 12.5% in the first quarter. Citizens Financial Group Inc. RI now owns 210,916 shares of the energy producer’s stock valued at $10,518,000 after purchasing an additional 23,434 shares in the last quarter. 69.87% of the stock is currently owned by institutional investors.
In other ConocoPhillips news, Director Charles E. Bunch acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was acquired at an average price of $52.06 per share, with a total value of $104,120.00. Following the transaction, the director now owns 3,429 shares of the company’s stock, valued at $178,513.74. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.82% of the stock is currently owned by insiders.
ConocoPhillips (NYSE COP) traded up $0.63 on Friday, hitting $52.31. The stock had a trading volume of 6,436,200 shares, compared to its average volume of 7,080,247. The company has a market cap of $61,784.27, a P/E ratio of 2,584.00, a PEG ratio of 12.46 and a beta of 1.26. 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 quick ratio of 2.23 and a current ratio of 2.38.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, October 26th. The energy producer reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.08. The company had revenue of $7.20 billion during the quarter, compared to the consensus estimate 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 prior year, the company posted ($0.66) EPS. research analysts predict that ConocoPhillips will post 0.55 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Monday, October 16th were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Friday, October 13th. This represents a $1.06 annualized dividend and a dividend yield of 2.03%. ConocoPhillips’s dividend payout ratio is presently -57.30%.
A number of research analysts have commented on the company. Credit Suisse Group assumed coverage on ConocoPhillips in a research note on Monday. They issued a “neutral” rating and a $50.00 target price on the stock. Barclays restated an “overweight” rating and issued a $55.00 target price (up previously from $51.00) on shares of ConocoPhillips in a research note on Tuesday, October 10th. BidaskClub downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Piper Jaffray Companies restated a “buy” rating and issued a $53.00 target price on shares of ConocoPhillips in a research note on Friday, November 3rd. Finally, Goldman Sachs Group upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $55.47.
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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