Wheatland Advisors Inc. Lowers Stake in ConocoPhillips (COP)
Wheatland Advisors Inc. reduced its stake in shares of ConocoPhillips (NYSE:COP) by 2.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,191 shares of the energy producer’s stock after selling 1,249 shares during the period. ConocoPhillips makes up approximately 1.8% of Wheatland Advisors Inc.’s investment portfolio, making the stock its 19th biggest holding. Wheatland Advisors Inc.’s holdings in ConocoPhillips were worth $1,943,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of COP. Patten & Patten Inc. TN lifted its position in ConocoPhillips by 4.6% during the second quarter. Patten & Patten Inc. TN now owns 59,322 shares of the energy producer’s stock valued at $2,608,000 after purchasing an additional 2,607 shares during the period. Shell Asset Management Co. lifted its position in ConocoPhillips by 2.4% during the second quarter. Shell Asset Management Co. now owns 202,066 shares of the energy producer’s stock valued at $8,883,000 after purchasing an additional 4,647 shares during the period. First Foundation Advisors acquired a new position in ConocoPhillips during the first quarter valued at $497,000. FMR LLC lifted its position in ConocoPhillips by 6.9% during the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after purchasing an additional 3,982,002 shares during the period. Finally, Principal Financial Group Inc. lifted its position in ConocoPhillips by 2.2% during the first quarter. Principal Financial Group Inc. now owns 1,761,900 shares of the energy producer’s stock valued at $87,866,000 after purchasing an additional 38,271 shares during the period. Institutional investors and hedge funds own 68.90% of the company’s stock.
A number of research analysts recently issued reports on COP shares. Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Saturday, July 1st. BidaskClub upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Sanford C. Bernstein downgraded shares of ConocoPhillips from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $63.00 to $42.00 in a research report on Thursday, July 6th. ValuEngine upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $62.00 price objective on shares of ConocoPhillips in a research report on Thursday, June 15th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. ConocoPhillips currently has a consensus rating of “Buy” and a consensus price target of $54.45.
Shares of ConocoPhillips (COP) opened at 48.86 on Friday. The stock’s market cap is $59.46 billion. The stock has a 50 day moving average of $46.33 and a 200 day moving average of $45.93. ConocoPhillips has a 1-year low of $40.37 and a 1-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 analysts’ consensus estimates of ($0.02) by $0.16. The business had revenue of $8.88 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted ($0.79) earnings per share. Equities research analysts forecast that ConocoPhillips will post $0.27 EPS 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 issued a dividend of $0.265 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.17%. ConocoPhillips’s dividend payout ratio (DPR) is presently -34.98%.
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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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