Westbourne Investment Advisors Inc. cut its stake in shares of ConocoPhillips (NYSE:COP) by 1.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 63,694 shares of the energy producer’s stock after selling 905 shares during the period. ConocoPhillips makes up approximately 2.3% of Westbourne Investment Advisors Inc.’s portfolio, making the stock its 10th largest position. Westbourne Investment Advisors Inc.’s holdings in ConocoPhillips were worth $2,800,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in ConocoPhillips by 3.9% in the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock valued at $3,260,918,000 after buying an additional 2,452,533 shares in the last quarter. FMR LLC boosted its position in ConocoPhillips by 6.9% in the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after buying an additional 3,982,002 shares in the last quarter. Macquarie Group Ltd. boosted its position in ConocoPhillips by 1.1% in the first quarter. Macquarie Group Ltd. now owns 15,981,830 shares of the energy producer’s stock valued at $797,013,000 after buying an additional 176,055 shares in the last quarter. Wellington Management Group LLP boosted its position in ConocoPhillips by 255.3% in the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock valued at $638,530,000 after buying an additional 9,200,014 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its position in shares of ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock valued at $501,966,000 after buying an additional 1,744,860 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.
ConocoPhillips (COP) traded down 0.40% during midday trading on Friday, reaching $44.79. 4,206,885 shares of the company’s stock traded hands. The company’s 50-day moving average price is $44.17 and its 200-day moving average price is $46.50. The stock’s market cap is $54.51 billion. ConocoPhillips has a 52-week low of $39.00 and a 52-week high of $53.17.
ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. The firm had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period last year, the company posted ($0.79) EPS. On average, equities analysts predict that ConocoPhillips will post $0.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be given a $0.265 dividend. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $1.06 annualized dividend and a dividend yield of 2.37%. ConocoPhillips’s dividend payout ratio is -34.98%.
Several research analysts have recently commented on the stock. Jefferies Group LLC raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and raised their target price for the stock from $55.00 to $59.00 in a report on Wednesday, May 17th. Citigroup Inc. lowered their target price 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. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $52.00 target price on shares of ConocoPhillips in a report on Thursday, June 22nd. Bank of America Corporation upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price target for the stock from $51.00 to $58.00 in a research report on Friday, July 28th. Finally, Guggenheim initiated coverage on shares of ConocoPhillips in a research report on Tuesday, April 18th. They set a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $55.18.
In other news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $47.47, for a total value of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.82% of the company’s stock.
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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