ConocoPhillips (COP) Position Reduced by Dai Ichi Life Insurance Company Ltd
Dai Ichi Life Insurance Company Ltd reduced its position in shares of ConocoPhillips (NYSE:COP) by 35.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 111,897 shares of the energy producer’s stock after selling 61,703 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in ConocoPhillips were worth $5,580,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in COP. Spinnaker Trust boosted its position in ConocoPhillips by 5.1% in the first quarter. Spinnaker Trust now owns 5,898 shares of the energy producer’s stock worth $294,000 after buying an additional 284 shares in the last quarter. Isthmus Partners LLC boosted its position in ConocoPhillips by 2.2% in the first quarter. Isthmus Partners LLC now owns 113,992 shares of the energy producer’s stock worth $5,685,000 after buying an additional 2,459 shares in the last quarter. Wayne Hummer Investments L.L.C. acquired a new position in ConocoPhillips during the first quarter worth approximately $343,000. Clinton Group Inc. acquired a new position in ConocoPhillips during the first quarter worth approximately $2,359,000. Finally, Berkeley Capital Partners LLC boosted its position in ConocoPhillips by 1.8% in the first quarter. Berkeley Capital Partners LLC now owns 7,293 shares of the energy producer’s stock worth $364,000 after buying an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 68.68% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) traded up 0.83% during midday trading on Wednesday, hitting $43.55. 1,435,430 shares of the stock traded hands. The stock’s market cap is $53.00 billion. The firm has a 50-day moving average price of $44.06 and a 200 day moving average price of $46.21. ConocoPhillips has a one year low of $39.00 and a one year high of $53.17.
ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.16. The business had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $6.74 billion. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. During the same quarter last year, the company posted ($0.79) EPS. Analysts anticipate that ConocoPhillips will post $0.23 earnings per share 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 issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, July 20th. ConocoPhillips’s dividend payout ratio is currently -34.98%.
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A number of research analysts recently commented on the company. BidaskClub cut ConocoPhillips from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Scotiabank set a $54.00 target price on ConocoPhillips and gave the company a “buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research raised ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Jefferies Group LLC set a $59.00 target price on ConocoPhillips and gave the company a “buy” rating in a research report on Sunday, July 30th. Finally, Bank of America Corporation raised ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their target price for the company from $51.00 to $58.00 in a research report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. ConocoPhillips currently has an average rating of “Buy” and an average target price of $55.18.
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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