Bowling Portfolio Management LLC Purchases New Position in ConocoPhillips (COP)
Bowling Portfolio Management LLC purchased a new position in shares of ConocoPhillips (NYSE:COP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 72,668 shares of the energy producer’s stock, valued at approximately $3,194,000.
Several other institutional investors have also recently added to or reduced their stakes in COP. Wellington Management Group LLP boosted its stake in shares of ConocoPhillips by 255.3% during the 1st 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 stake in shares of ConocoPhillips by 6.9% during the 1st 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 stake in shares of ConocoPhillips by 3.9% during the 1st 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 stake in shares of ConocoPhillips by 21.0% during 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 purchasing an additional 1,744,860 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in shares of ConocoPhillips by 74.3% during the 1st 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 purchasing an additional 1,000,000 shares during the last quarter. 68.99% of the stock is currently owned by institutional investors.
Shares of ConocoPhillips (NYSE:COP) opened at 44.47 on Monday. The stock’s market cap is $54.12 billion. ConocoPhillips has a 1-year low of $39.00 and a 1-year high of $53.17. The stock’s 50 day moving average is $44.18 and its 200-day moving average is $45.73.
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 firm had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $6.74 billion. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. During the same quarter in the prior year, the business earned ($0.79) earnings per share. On average, analysts anticipate that ConocoPhillips will post $0.24 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, July 24th were given a dividend of $0.265 per share. The ex-dividend date was Thursday, July 20th. This represents a $1.06 dividend on an annualized basis and a yield of 2.38%. ConocoPhillips’s payout ratio is currently -34.98%.
COP has been the topic of several analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $55.00 price target on shares of ConocoPhillips in a research note on Monday, May 15th. BidaskClub raised shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $62.00 price target on shares of ConocoPhillips in a research note on Thursday, June 15th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $52.00 target price on shares of ConocoPhillips in a research report on Thursday, June 22nd. Finally, 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. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $54.03.
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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