ConocoPhillips (COP) Position Lifted by Rocky Mountain Advisers LLC
Rocky Mountain Advisers LLC increased its stake in ConocoPhillips (NYSE:COP) by 140.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,392 shares of the energy producer’s stock after buying an additional 1,396 shares during the period. Rocky Mountain Advisers LLC’s holdings in ConocoPhillips were worth $120,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of COP. Vident Investment Advisory LLC bought a new position in ConocoPhillips during the 3rd quarter worth about $487,000. Cornerstone Capital Management Holdings LLC. grew its holdings in ConocoPhillips by 18.8% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 351,519 shares of the energy producer’s stock worth $17,591,000 after acquiring an additional 55,599 shares in the last quarter. Boothbay Fund Management LLC bought a new position in ConocoPhillips during the 3rd quarter worth about $231,000. Oppenheimer Asset Management Inc. grew its holdings in ConocoPhillips by 3.2% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 240,116 shares of the energy producer’s stock worth $12,018,000 after acquiring an additional 7,476 shares in the last quarter. Finally, Magnetar Financial LLC grew its holdings in ConocoPhillips by 442.0% during the 3rd quarter. Magnetar Financial LLC now owns 41,554 shares of the energy producer’s stock worth $2,080,000 after acquiring an additional 33,887 shares in the last quarter. 69.73% of the stock is currently owned by institutional investors.
Several brokerages have issued reports on COP. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 target price on the stock in a report on Wednesday, January 10th. Howard Weil cut shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 price target on the stock. in a report on Friday, December 22nd. Royal Bank of Canada set a $61.00 price target on shares of ConocoPhillips and gave the company a “buy” rating in a report on Wednesday, December 20th. Piper Jaffray Companies restated a “buy” rating and issued a $53.00 price target on shares of ConocoPhillips in a report on Friday, November 3rd. Finally, Credit Suisse Group started coverage on shares of ConocoPhillips in a report on Monday, December 11th. They issued a “neutral” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $55.47.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 26th. The energy producer reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The firm had revenue of $7.20 billion during the quarter, compared to analyst estimates of $6.55 billion. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. During the same period last year, the firm posted ($0.66) EPS. research analysts anticipate that ConocoPhillips will post 0.57 earnings per share for the current fiscal year.
In related news, Director Charles E. Bunch acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average cost of $52.06 per share, with a total value of $104,120.00. Following the transaction, the director now directly owns 3,429 shares of the company’s stock, valued at approximately $178,513.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.82% of the company’s stock.
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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