Concert Wealth Management Inc. decreased its stake in shares of ConocoPhillips (NYSE:COP) by 9.2% during the second quarter, Holdings Channel reports. The institutional investor owned 43,102 shares of the company’s stock after selling 4,374 shares during the period. Concert Wealth Management Inc.’s holdings in ConocoPhillips were worth $1,874,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in COP. State Street Corp boosted its position in shares of ConocoPhillips by 4.2% in the first quarter. State Street Corp now owns 56,542,943 shares of the company’s stock valued at $2,276,976,000 after buying an additional 2,293,983 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of ConocoPhillips by 1.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 32,736,116 shares of the company’s stock valued at $1,318,283,000 after buying an additional 522,198 shares in the last quarter. BlackRock Group LTD boosted its position in shares of ConocoPhillips by 0.3% in the first quarter. BlackRock Group LTD now owns 12,121,796 shares of the company’s stock valued at $488,146,000 after buying an additional 41,306 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of ConocoPhillips by 3.8% in the first quarter. Geode Capital Management LLC now owns 10,343,176 shares of the company’s stock valued at $415,701,000 after buying an additional 374,086 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of ConocoPhillips by 8.9% in the first quarter. Legal & General Group Plc now owns 6,639,417 shares of the company’s stock worth $267,366,000 after buying an additional 542,800 shares during the period. Institutional investors own 63.69% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) traded up 1.09% during mid-day trading on Monday, hitting $44.70. 5,433,983 shares of the stock traded hands. The stock’s market cap is $55.36 billion. The firm has a 50 day moving average of $41.80 and a 200 day moving average of $42.73. ConocoPhillips has a 12 month low of $31.05 and a 12 month high of $57.24.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by $0.18. ConocoPhillips had a negative return on equity of 9.26% and a negative net margin of 28.40%. The firm earned $5.58 billion during the quarter, compared to analysts’ expectations of $5.38 billion. During the same period in the previous year, the firm earned $0.07 EPS. The firm’s quarterly revenue was down 35.6% on a year-over-year basis. On average, equities analysts expect that ConocoPhillips will post ($2.47) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, October 17th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Thursday, October 13th. ConocoPhillips’s payout ratio is currently -17.57%.
COP has been the topic of a number of recent research reports. Deutsche Bank AG restated a “buy” rating and issued a $62.00 price objective on shares of ConocoPhillips in a report on Thursday, June 16th. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a report on Wednesday, July 13th. Nomura restated a “hold” rating and issued a $49.00 price objective on shares of ConocoPhillips in a report on Monday, October 3rd. Vetr upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating and set a $42.73 price objective on the stock in a report on Monday, September 12th. Finally, Jefferies Group upgraded shares of ConocoPhillips from an “underperform” rating to a “hold” rating and upped their price objective for the stock from $30.00 to $40.00 in a report on Wednesday, September 7th. They noted that the move was a valuation call. One 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. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.10.
In related news, VP Ellen Desanctis bought 5,000 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were bought at an average price of $40.50 per share, with a total value of $202,500.00. Following the transaction, the vice president now owns 22,010 shares in the company, valued at $891,405. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arjun N. Murti bought 6,500 shares of the company’s stock in a transaction on Monday, August 1st. The shares were bought at an average cost of $39.72 per share, for a total transaction of $258,180.00. Following the transaction, the director now owns 19,000 shares in the company, valued at approximately $754,680. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by insiders.
ConocoPhillips Company Profile
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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