Stoneridge Investment Partners LLC Reduces Position in ConocoPhillips (COP)
Stoneridge Investment Partners LLC decreased its stake in shares of ConocoPhillips (NYSE:COP) by 0.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 78,193 shares of the energy producer’s stock after selling 122 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in ConocoPhillips were worth $3,437,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Patten & Patten Inc. TN boosted its position in shares of ConocoPhillips by 4.6% during the second quarter. Patten & Patten Inc. TN now owns 59,322 shares of the energy producer’s stock worth $2,608,000 after acquiring an additional 2,607 shares during the last quarter. Shell Asset Management Co. boosted its position in shares of ConocoPhillips by 2.4% during the second quarter. Shell Asset Management Co. now owns 202,066 shares of the energy producer’s stock worth $8,883,000 after acquiring an additional 4,647 shares during the last quarter. First Foundation Advisors bought a new position in shares of ConocoPhillips during the first quarter worth $497,000. FMR LLC boosted its position in shares of ConocoPhillips by 6.9% during the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after acquiring an additional 3,982,002 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of ConocoPhillips by 2.2% during the first quarter. Principal Financial Group Inc. now owns 1,761,900 shares of the energy producer’s stock worth $87,866,000 after acquiring an additional 38,271 shares during the last quarter. Hedge funds and other institutional investors own 68.90% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) opened at 48.86 on Friday. The stock’s market cap is $59.46 billion. ConocoPhillips has a 52 week low of $40.37 and a 52 week high of $53.17. The stock has a 50 day moving average of $46.33 and a 200 day moving average of $45.93.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.16. The firm had revenue of $8.88 billion for 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 in the previous year, the company posted ($0.79) EPS. On average, analysts expect that ConocoPhillips will post $0.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, October 16th will be given a dividend of $0.265 per share. The ex-dividend date is Friday, October 13th. This represents a $1.06 annualized dividend and a dividend yield of 2.17%. ConocoPhillips’s payout ratio is -34.98%.
A number of brokerages recently weighed in on COP. Royal Bank Of Canada set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Thursday, August 24th. Citigroup Inc. dropped their target price on shares of ConocoPhillips from $65.00 to $57.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Jefferies Group LLC set a $59.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Sunday, July 30th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $52.00 target price on shares of ConocoPhillips in a research report on Thursday, June 22nd. Finally, Bank of America Corporation upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and upped their target price for the stock 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, eight have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. ConocoPhillips has a consensus rating of “Buy” and a consensus price target of $54.45.
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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