BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in ConocoPhillips (NYSE:COP) by 4.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 651,741 shares of the energy producer’s stock after selling 29,024 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.05% of ConocoPhillips worth $28,651,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. lifted its holdings in ConocoPhillips by 0.3% in the second quarter. Financial Management Professionals Inc. now owns 2,294 shares of the energy producer’s stock valued at $100,000 after buying an additional 6 shares during the period. Canal Capital Management LLC raised its holdings in shares of ConocoPhillips by 0.3% during the second quarter. Canal Capital Management LLC now owns 6,342 shares of the energy producer’s stock valued at $279,000 after purchasing an additional 22 shares during the period. Wendell David Associates Inc. raised its holdings in shares of ConocoPhillips by 0.3% during the second quarter. Wendell David Associates Inc. now owns 7,561 shares of the energy producer’s stock valued at $332,000 after purchasing an additional 26 shares during the period. Sheets Smith Wealth Management raised its holdings in shares of ConocoPhillips by 0.3% during the second quarter. Sheets Smith Wealth Management now owns 13,694 shares of the energy producer’s stock valued at $602,000 after purchasing an additional 37 shares during the period. Finally, Cornerstone Advisors Inc. raised its holdings in shares of ConocoPhillips by 1.0% during the second quarter. Cornerstone Advisors Inc. now owns 3,755 shares of the energy producer’s stock valued at $165,000 after purchasing an additional 37 shares during the period. Institutional investors and hedge funds own 68.90% of the company’s stock.
Shares of ConocoPhillips (COP) opened at 49.81 on Friday. ConocoPhillips has a 12 month low of $40.37 and a 12 month high of $53.17. The company’s market capitalization is $60.62 billion. The firm has a 50-day moving average of $47.04 and a 200-day moving average of $46.06.
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, topping the consensus estimate of ($0.02) by $0.16. The business had revenue of $8.88 billion during the quarter, compared to analysts’ expectations 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 company earned ($0.79) earnings per share. On average, equities analysts predict that ConocoPhillips will post $0.29 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, October 16th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.13%. ConocoPhillips’s dividend payout ratio is presently -34.98%.
Several equities analysts have recently weighed in on COP shares. Scotiabank set a $54.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a report on Saturday, July 1st. Royal Bank Of Canada reiterated a “buy” rating and set a $62.00 price objective on shares of ConocoPhillips in a report on Thursday, June 15th. Citigroup Inc. dropped their price objective on shares of ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Cowen and Company set a $55.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a report on Tuesday, July 18th. Finally, Jefferies Group LLC set a $59.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a report on Sunday, July 30th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $54.15.
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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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