Sequoia Financial Advisors LLC Reduces Stake in ConocoPhillips (COP)

Sequoia Financial Advisors LLC cut its stake in shares of ConocoPhillips (NYSE:COP) by 2.7% during the first quarter, Holdings Channel reports. The firm owned 13,218 shares of the energy producer’s stock after selling 371 shares during the period. Sequoia Financial Advisors LLC’s holdings in ConocoPhillips were worth $659,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. State Street Corp increased its stake in ConocoPhillips by 3.3% in the fourth quarter. State Street Corp now owns 62,935,763 shares of the energy producer’s stock valued at $3,155,606,000 after buying an additional 1,984,973 shares during the period. FMR LLC increased its stake in ConocoPhillips by 17.3% in the fourth quarter. FMR LLC now owns 57,515,901 shares of the energy producer’s stock valued at $2,883,848,000 after buying an additional 8,487,514 shares during the period. Norges Bank purchased a new stake in ConocoPhillips during the fourth quarter valued at about $496,521,000. Franklin Resources Inc. increased its stake in ConocoPhillips by 156.5% in the fourth quarter. Franklin Resources Inc. now owns 8,242,882 shares of the energy producer’s stock valued at $413,364,000 after buying an additional 5,029,627 shares during the period. Finally, Bessemer Group Inc. increased its stake in ConocoPhillips by 5.3% in the fourth quarter. Bessemer Group Inc. now owns 4,693,327 shares of the energy producer’s stock valued at $235,324,000 after buying an additional 235,002 shares during the period. Institutional investors and hedge funds own 68.00% of the company’s stock.

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) opened at 45.72 on Tuesday. The firm has a 50-day moving average price of $46.29 and a 200-day moving average price of $48.19. ConocoPhillips has a one year low of $38.80 and a one year high of $53.17. The firm’s market cap is $56.56 billion.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.05. ConocoPhillips had a negative return on equity of 5.92% and a negative net margin of 5.05%. The firm had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. During the same period last year, the firm earned ($0.95) EPS. On average, equities analysts expect that ConocoPhillips will post $0.53 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Monday, May 15th were paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.32%. The ex-dividend date was Thursday, May 11th. ConocoPhillips’s dividend payout ratio (DPR) is currently -95.50%.

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A number of analysts have recently weighed in on the company. Bank of America Corporation downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and cut their target price for the company from $68.00 to $67.00 in a research report on Thursday, May 11th. Jefferies Group LLC reiterated a “hold” rating and set a $55.00 target price on shares of ConocoPhillips in a research report on Friday, May 5th. Scotiabank set a $57.00 target price on ConocoPhillips and gave the company a “buy” rating in a research report on Thursday, April 6th. Cowen and Company reiterated a “buy” rating on shares of ConocoPhillips in a research report on Friday, April 14th. Finally, Credit Suisse Group set a $60.00 target price on ConocoPhillips and gave the company a “neutral” rating in a research report on Thursday, March 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $56.92.

In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of ConocoPhillips 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

About ConocoPhillips

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “COP”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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