State of Tennessee Treasury Department lessened its stake in shares of ConocoPhillips (NYSE:COP) by 35.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 577,272 shares of the energy producer’s stock after selling 321,080 shares during the quarter. State of Tennessee Treasury Department’s holdings in ConocoPhillips were worth $25,377,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in COP. Wellington Management Group LLP boosted its holdings in shares of ConocoPhillips by 255.3% during the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock worth $638,530,000 after purchasing an additional 9,200,014 shares during the last quarter. FMR LLC boosted its holdings in shares of ConocoPhillips by 6.9% during the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after purchasing an additional 3,982,002 shares during the last quarter. State Street Corp boosted its holdings in shares of ConocoPhillips by 3.9% during the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock worth $3,260,918,000 after purchasing an additional 2,452,533 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of ConocoPhillips by 21.0% during the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after purchasing an additional 1,744,860 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of ConocoPhillips by 27.3% during the first quarter. Swiss National Bank now owns 4,390,099 shares of the energy producer’s stock worth $218,934,000 after purchasing an additional 940,600 shares during the last quarter. Hedge funds and other institutional investors own 68.88% of the company’s stock.
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COP has been the topic of several analyst reports. Jefferies Group LLC set a $54.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a report on Tuesday, August 29th. Barclays PLC raised their price objective on ConocoPhillips from $55.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 27th. Royal Bank Of Canada set a $54.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research cut ConocoPhillips from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Finally, BidaskClub upgraded ConocoPhillips from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Four analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $55.20.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 26th. The energy producer reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.08. The firm had revenue of $7.20 billion during the quarter, compared to analysts’ expectations of $6.55 billion. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. During the same period in the prior year, the company posted ($0.66) earnings per share.
The firm also recently disclosed 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. This represents a $1.06 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, October 13th. ConocoPhillips’s dividend payout ratio is presently -57.30%.
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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