Pope Asset Management LLC Sells 960 Shares of ConocoPhillips (COP)
Pope Asset Management LLC reduced its stake in shares of ConocoPhillips (NYSE:COP) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,179 shares of the energy producer’s stock after selling 960 shares during the period. ConocoPhillips makes up approximately 3.3% of Pope Asset Management LLC’s investment portfolio, making the stock its 11th largest position. Pope Asset Management LLC’s holdings in ConocoPhillips were worth $5,095,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the stock. TNB Financial bought a new stake in shares of ConocoPhillips during the first quarter valued at about $1,336,000. Banced Corp increased its stake in shares of ConocoPhillips by 1.1% in the first quarter. Banced Corp now owns 16,419 shares of the energy producer’s stock valued at $819,000 after buying an additional 183 shares in the last quarter. Alpha Windward LLC increased its stake in shares of ConocoPhillips by 0.9% in the first quarter. Alpha Windward LLC now owns 5,564 shares of the energy producer’s stock valued at $277,000 after buying an additional 52 shares in the last quarter. Prospera Financial Services Inc increased its stake in shares of ConocoPhillips by 50.1% in the first quarter. Prospera Financial Services Inc now owns 14,531 shares of the energy producer’s stock valued at $723,000 after buying an additional 4,853 shares in the last quarter. Finally, BKD Wealth Advisors LLC increased its stake in shares of ConocoPhillips by 6.1% in the first quarter. BKD Wealth Advisors LLC now owns 63,148 shares of the energy producer’s stock valued at $3,149,000 after buying an additional 3,622 shares in the last quarter. Institutional investors and hedge funds own 68.68% of the company’s stock.
Shares of ConocoPhillips (COP) traded down 1.33% during midday trading on Wednesday, reaching $43.91. The company’s stock had a trading volume of 1,411,630 shares. The stock’s 50-day moving average is $44.16 and its 200 day moving average is $46.36. ConocoPhillips has a 12 month low of $39.00 and a 12 month high of $53.17. The stock’s market capitalization is $53.44 billion.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, July 27th. The energy producer reported $0.14 earnings per share 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 during the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the firm earned ($0.79) EPS. On average, analysts expect that ConocoPhillips will post $0.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be given a dividend of $0.265 per share. The ex-dividend date is Thursday, July 20th. This represents a $1.06 annualized dividend and a dividend yield of 2.38%. ConocoPhillips’s dividend payout ratio is presently -34.98%.
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COP has been the topic of several recent research reports. Guggenheim initiated coverage on ConocoPhillips in a research report on Tuesday, April 18th. They issued a “neutral” rating on the stock. Jefferies Group LLC restated a “hold” rating and issued a $55.00 price objective on shares of ConocoPhillips in a research report on Friday, May 5th. Bank of America Corporation downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $67.00 in a research report on Thursday, May 11th. BidaskClub upgraded ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $62.00 target price on shares of ConocoPhillips in a research report on Thursday, June 15th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $55.18.
In related news, VP James D. Mcmorran sold 9,091 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.82% of the stock is currently owned by 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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