Wellington Management Group LLP Increases Stake in ConocoPhillips (COP)
Wellington Management Group LLP raised its position in shares of ConocoPhillips (NYSE:COP) by 255.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,803,885 shares of the energy producer’s stock after buying an additional 9,200,014 shares during the period. Wellington Management Group LLP owned approximately 1.03% of ConocoPhillips worth $638,530,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in the stock. Gemmer Asset Management LLC boosted its stake in shares of ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock worth $108,000 after buying an additional 8 shares during the period. Advocacy Wealth Management Services LLC boosted its stake in shares of ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock worth $116,000 after buying an additional 100 shares during the period. Advantage Investment Management LLC boosted its stake in shares of ConocoPhillips by 65.3% in the first quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock worth $121,000 after buying an additional 958 shares during the period. Massey Quick & Co. LLC acquired a new stake in shares of ConocoPhillips during the first quarter worth about $123,000. Finally, Crestwood Advisors Group LLC acquired a new stake in shares of ConocoPhillips during the first quarter worth about $131,000. 68.98% of the stock is owned by institutional investors.
Shares of ConocoPhillips (NYSE:COP) traded up 1.33% on Friday, reaching $44.24. 4,808,804 shares of the company’s stock traded hands. The stock has a 50-day moving average of $44.00 and a 200 day moving average of $45.84. ConocoPhillips has a 12-month low of $39.00 and a 12-month high of $53.17. The firm’s market cap is $53.84 billion.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.16. The firm had revenue of $8.88 billion during the quarter, compared to analyst estimates of $6.74 billion. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. During the same period in the previous year, the firm earned ($0.79) earnings per share. On average, equities research analysts expect that ConocoPhillips will post $0.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, July 24th were paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Thursday, July 20th. ConocoPhillips’s dividend payout ratio is currently -34.98%.
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A number of brokerages have recently issued reports on COP. Piper Jaffray Companies set a $45.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Friday, August 25th. BidaskClub cut shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Scotiabank set a $54.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Saturday, July 1st. Zacks Investment Research raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Jefferies Group LLC set a $54.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, nine have given 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 an average target price of $54.13.
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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