Pacific Heights Asset Management LLC Has $9,974,000 Position in ConocoPhillips (NYSE:COP)
Pacific Heights Asset Management LLC held its stake in ConocoPhillips (NYSE:COP) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,000 shares of the energy producer’s stock at the end of the first quarter. Pacific Heights Asset Management LLC’s holdings in ConocoPhillips were worth $9,974,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in COP. Norges Bank purchased a new position in shares of ConocoPhillips during the fourth quarter worth about $496,521,000. Franklin Resources Inc. raised its position in shares of ConocoPhillips by 156.5% in the fourth quarter. Franklin Resources Inc. now owns 8,242,882 shares of the energy producer’s stock worth $413,364,000 after buying an additional 5,029,627 shares during the period. First Eagle Investment Management LLC raised 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 worth $501,966,000 after buying an additional 1,744,860 shares during the period. Putnam Investments LLC raised its position in shares of ConocoPhillips by 74.5% in the fourth quarter. Putnam Investments LLC now owns 3,810,186 shares of the energy producer’s stock worth $191,043,000 after buying an additional 1,626,806 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in shares of ConocoPhillips by 74.3% in the first quarter. State of New Jersey Common Pension Fund D now owns 2,345,000 shares of the energy producer’s stock worth $116,945,000 after buying an additional 1,000,000 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) traded down 0.86% on Monday, reaching $45.17. The company had a trading volume of 6,370,177 shares. The firm’s market capitalization is $54.97 billion. ConocoPhillips has a 52 week low of $39.00 and a 52 week high of $53.17. The company’s 50-day moving average price is $44.26 and its 200 day moving average price is $46.70.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The firm had revenue of $8.88 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the firm earned ($0.79) earnings per share. On average, analysts expect that ConocoPhillips will post $0.25 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, July 24th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s dividend payout ratio is presently -34.98%.
Several equities research analysts have recently commented on the stock. Royal Bank Of Canada set a $62.00 price target on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Sunday, July 16th. Zacks Investment Research lowered shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Monday, July 17th. BidaskClub raised shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Jefferies Group LLC reissued a “hold” rating and issued a $55.00 target price on shares of ConocoPhillips in a report on Friday, May 5th. Finally, Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $55.18.
In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of the business’s 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 legal filing with the SEC, which is available at this link. 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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