ConocoPhillips (COP) Shares Sold by Beck Mack & Oliver LLC
Beck Mack & Oliver LLC reduced its stake in shares of ConocoPhillips (NYSE:COP) by 12.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 200,382 shares of the energy producer’s stock after selling 27,229 shares during the quarter. Beck Mack & Oliver LLC’s holdings in ConocoPhillips were worth $8,809,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. State Street Corp grew its position in shares of ConocoPhillips by 3.9% in the 1st quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock worth $3,260,918,000 after buying an additional 2,452,533 shares during the period. FMR LLC grew its position in shares of ConocoPhillips by 6.9% in the 1st quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after buying an additional 3,982,002 shares during the period. Macquarie Group Ltd. grew its position in shares of ConocoPhillips by 1.1% in the 1st quarter. Macquarie Group Ltd. now owns 15,981,830 shares of the energy producer’s stock worth $797,013,000 after buying an additional 176,055 shares during the period. Wellington Management Group LLP grew its position in shares of ConocoPhillips by 255.3% in the 1st quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock worth $638,530,000 after buying an additional 9,200,014 shares during the period. Finally, First Eagle Investment Management LLC grew its position in shares of ConocoPhillips by 21.0% in the 1st 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. 68.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on COP. Wolfe Research downgraded shares of ConocoPhillips from an “outperform” rating to a “market perform” rating in a research report on Monday, July 17th. Bank of America Corporation downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $68.00 to $67.00 in a research report on Thursday, May 11th. Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Saturday, July 1st. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, BidaskClub cut shares of ConocoPhillips from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $54.13.
Shares of ConocoPhillips (NYSE COP) opened at 45.06 on Thursday. The stock’s market capitalization is $54.84 billion. The firm’s 50-day moving average is $44.10 and its 200-day moving average is $45.74. ConocoPhillips has a one year low of $39.00 and a one year high of $53.17.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the previous year, the business earned ($0.79) earnings per share. Equities research analysts forecast that ConocoPhillips will post $0.24 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, July 24th were given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, July 20th. ConocoPhillips’s payout ratio is -34.98%.
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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