Pinnacle Associates Ltd. Sells 5,138 Shares of ConocoPhillips (COP)

Pinnacle Associates Ltd. lowered its stake in shares of ConocoPhillips (NYSE:COP) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 165,048 shares of the energy producer’s stock after selling 5,138 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ConocoPhillips were worth $7,256,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Financial Management Professionals Inc. increased its position in shares of ConocoPhillips by 0.3% during the second quarter. Financial Management Professionals Inc. now owns 2,294 shares of the energy producer’s stock worth $100,000 after acquiring an additional 6 shares during the period. Canal Capital Management LLC increased its position 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 worth $279,000 after acquiring an additional 22 shares during the period. Wendell David Associates Inc. increased its position 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 worth $332,000 after acquiring an additional 26 shares during the period. Sheets Smith Wealth Management increased its position 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 worth $602,000 after acquiring an additional 37 shares during the period. Finally, Cornerstone Advisors Inc. increased its position 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 worth $165,000 after acquiring an additional 37 shares during the period. 68.88% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips (NYSE:COP) opened at 51.15 on Wednesday. The stock’s 50 day moving average is $49.26 and its 200-day moving average is $46.21. The stock’s market capitalization is $62.25 billion. ConocoPhillips has a 52 week low of $42.26 and a 52 week high of $53.17.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 26th. The energy producer reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. The business had revenue of $7.20 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same period in the previous year, the firm earned ($0.66) EPS. Equities research analysts forecast that ConocoPhillips will post $0.41 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Monday, October 16th will be issued 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 2.07%. ConocoPhillips’s payout ratio is currently -57.30%.

A number of research firms have recently weighed in on COP. Wolfe Research lowered ConocoPhillips from an “outperform” rating to a “market perform” rating in a research report on Monday, July 17th. ValuEngine raised ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Citigroup Inc. cut their price objective on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Jefferies Group LLC set a $59.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research report on Sunday, July 30th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $55.00 price objective (up previously from $51.00) on shares of ConocoPhillips in a research report on Tuesday, October 10th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. ConocoPhillips has an average rating of “Hold” and an average target price of $55.20.

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ConocoPhillips 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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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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