Essex Investment Management Co. LLC increased its position in ConocoPhillips (NYSE:COP) by 0.8% during the second quarter, Holdings Channel reports. The fund owned 70,634 shares of the company’s stock after buying an additional 544 shares during the period. Essex Investment Management Co. LLC’s holdings in ConocoPhillips were worth $3,080,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Integrated Investment Consultants LLC boosted its stake in ConocoPhillips by 25.0% in the second quarter. Integrated Investment Consultants LLC now owns 2,543 shares of the company’s stock worth $111,000 after buying an additional 509 shares during the last quarter. Cribstone Capital Management LLC bought a new stake in ConocoPhillips during the second quarter worth $122,000. AIMZ Investment Advisors LLC bought a new stake in ConocoPhillips during the first quarter worth $205,000. Cornerstone Advisors Inc. boosted its stake in ConocoPhillips by 2.3% in the second quarter. Cornerstone Advisors Inc. now owns 3,517 shares of the company’s stock worth $153,000 after buying an additional 79 shares during the last quarter. Finally, MCF Advisors LLC boosted its stake in ConocoPhillips by 0.3% in the first quarter. MCF Advisors LLC now owns 3,865 shares of the company’s stock worth $156,000 after buying an additional 12 shares during the last quarter. 63.70% of the stock is currently owned by hedge funds and other institutional investors.
ConocoPhillips (NYSE:COP) traded down 0.09% during midday trading on Monday, hitting $43.43. 5,244,200 shares of the stock traded hands. The stock’s market capitalization is $53.79 billion. ConocoPhillips has a 52 week low of $31.05 and a 52 week high of $57.24. The stock’s 50-day moving average price is $41.69 and its 200-day moving average price is $42.70.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.61) by $0.18. ConocoPhillips had a negative net margin of 28.40% and a negative return on equity of 9.26%. The firm had revenue of $5.58 billion for the quarter, compared to analysts’ expectations of $5.38 billion. During the same period in the prior year, the firm earned $0.07 EPS. ConocoPhillips’s revenue for the quarter was down 35.6% compared to the same quarter last year. Equities research analysts expect that ConocoPhillips will post ($2.47) EPS for the current fiscal year.
A number of analysts have weighed in on the stock. Jefferies Group reaffirmed a “sell” rating on shares of ConocoPhillips in a research note on Sunday, July 10th. Vetr raised shares of ConocoPhillips from a “sell” rating to a “hold” rating and set a $42.73 target price on the stock in a research note on Monday, September 12th. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, July 13th. Simmons reiterated a “neutral” rating on shares of ConocoPhillips in a report on Thursday, August 11th. Finally, JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and set a $51.00 price target on the stock in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $49.10.
In other news, Director Arjun N. Murti purchased 6,500 shares of the stock in a transaction on Monday, August 1st. The shares were acquired at an average price of $39.72 per share, with a total value of $258,180.00. Following the completion of the acquisition, the director now directly owns 19,000 shares of the company’s stock, valued at $754,680. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Ellen Desanctis purchased 5,000 shares of the stock in a transaction on Thursday, August 11th. The shares were purchased at an average cost of $40.50 per share, for a total transaction of $202,500.00. Following the acquisition, the vice president now directly owns 22,010 shares of the company’s stock, valued at $891,405. The disclosure for this purchase can be found here. Company insiders own 0.07% of the company’s stock.
ConocoPhillips (ConocoPhillips) is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). The Company operates through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East, and Other International.
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