ConocoPhillips (COP) Stake Raised by Bourgeon Capital Management LLC
Bourgeon Capital Management LLC boosted its stake in shares of ConocoPhillips (NYSE:COP) by 16.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,632 shares of the energy producer’s stock after buying an additional 2,500 shares during the period. Bourgeon Capital Management LLC’s holdings in ConocoPhillips were worth $879,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of COP. Sowell Financial Services LLC bought a new stake in ConocoPhillips during the fourth quarter valued at about $1,219,000. State of Alaska Department of Revenue bought a new stake in ConocoPhillips during the first quarter valued at about $193,000. BP PLC boosted its stake in shares of ConocoPhillips by 1.3% in the fourth quarter. BP PLC now owns 153,000 shares of the energy producer’s stock valued at $7,671,000 after buying an additional 2,000 shares in the last quarter. Seven Eight Capital LP acquired a new stake in shares of ConocoPhillips during the fourth quarter valued at $933,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of ConocoPhillips by 122.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 201,074 shares of the energy producer’s stock valued at $10,085,000 after buying an additional 110,581 shares in the last quarter. 68.00% of the stock is currently owned by institutional investors and hedge funds.
ConocoPhillips (NYSE:COP) opened at 46.53 on Friday. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17. The stock’s 50 day moving average is $46.03 and its 200 day moving average is $48.16. The firm’s market cap is $57.56 billion. ConocoPhillips also was the recipient of unusually large options trading on Thursday. Traders acquired 29,576 put options on the stock. This represents an increase of approximately 496% compared to the typical volume of 4,966 put options.
ConocoPhillips (NYSE:COP) last posted its earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.05. The business had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.47 billion. ConocoPhillips had a negative return on equity of 5.92% and a negative net margin of 5.05%. During the same quarter in the previous year, the firm earned ($0.95) EPS. On average, equities research analysts expect that ConocoPhillips will post $0.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors 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 2.28%. The ex-dividend date of this dividend was Thursday, May 11th. ConocoPhillips’s payout ratio is -95.50%.
Several brokerages recently weighed in on COP. Royal Bank of Canada restated a “buy” rating and issued a $62.00 price target on shares of ConocoPhillips in a research report on Thursday. BidaskClub upgraded shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Jefferies Group LLC upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and boosted their price target for the stock from $55.00 to $59.00 in a research report on Wednesday, May 17th. Bank of America Corporation cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $67.00 in a research report on Thursday, May 11th. Finally, Guggenheim assumed coverage on shares of ConocoPhillips in a research report on Tuesday, April 18th. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $56.92.
In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of ConocoPhillips stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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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