First Trust Advisors LP Has $25.16 Million Stake in ConocoPhillips (COP)
First Trust Advisors LP grew its stake in shares of ConocoPhillips (NYSE:COP) by 18.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 502,678 shares of the energy producer’s stock after purchasing an additional 79,988 shares during the quarter. First Trust Advisors LP’s holdings in ConocoPhillips were worth $25,159,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. lifted its stake in ConocoPhillips by 0.3% in the second quarter. Financial Management Professionals Inc. now owns 2,294 shares of the energy producer’s stock worth $100,000 after acquiring an additional 6 shares during the period. Cornerstone Advisors Inc. lifted its stake in ConocoPhillips by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,755 shares of the energy producer’s stock worth $165,000 after acquiring an additional 37 shares during the period. WFG Advisors LP lifted its stake in ConocoPhillips by 0.4% in the second quarter. WFG Advisors LP now owns 9,611 shares of the energy producer’s stock worth $423,000 after acquiring an additional 39 shares during the period. Genesee Valley Trust Co. lifted its stake in ConocoPhillips by 0.6% in the second quarter. Genesee Valley Trust Co. now owns 7,095 shares of the energy producer’s stock worth $312,000 after acquiring an additional 45 shares during the period. Finally, Girard Partners LTD. lifted its stake in ConocoPhillips by 0.6% in the second quarter. Girard Partners LTD. now owns 8,434 shares of the energy producer’s stock worth $371,000 after acquiring an additional 49 shares during the period. 69.87% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Charles E. Bunch purchased 2,000 shares of ConocoPhillips stock in a transaction dated Monday, December 11th. The stock was purchased at an average cost of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the acquisition, the director now directly owns 3,429 shares of the company’s stock, valued at $178,513.74. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is owned by company insiders.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 26th. The energy producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.08. ConocoPhillips had a positive return on equity of 0.12% and a negative net margin of 7.32%. The firm had revenue of $7.20 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same period last year, the company earned ($0.66) earnings per share. analysts expect that ConocoPhillips will post 0.54 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Monday, October 16th were issued a dividend of $0.265 per share. The ex-dividend date of this dividend was Friday, October 13th. This represents a $1.06 annualized dividend and a dividend yield of 2.04%. ConocoPhillips’s payout ratio is presently -57.30%.
A number of brokerages recently commented on COP. Credit Suisse Group began coverage on ConocoPhillips in a research note on Monday. They issued a “neutral” rating and a $50.00 price target for the company. Scotiabank reiterated a “buy” rating and issued a $53.00 price objective on shares of ConocoPhillips in a report on Friday, September 29th. Barclays reiterated an “overweight” rating and issued a $55.00 price objective (up previously from $51.00) on shares of ConocoPhillips in a report on Tuesday, October 10th. BidaskClub downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Finally, Piper Jaffray Companies set a $45.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $55.00.
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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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