Martingale Asset Management L P decreased its stake in ConocoPhillips (NYSE:COP) by 44.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,433 shares of the energy producer’s stock after selling 83,470 shares during the period. Martingale Asset Management L P’s holdings in ConocoPhillips were worth $5,209,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Gemmer Asset Management LLC increased its position in shares of ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock valued at $108,000 after buying an additional 8 shares in the last quarter. Financial Management Professionals Inc. increased its position in shares of ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock valued at $114,000 after buying an additional 6 shares in the last quarter. Advocacy Wealth Management Services LLC increased its position in shares of ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock valued at $116,000 after buying an additional 100 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of ConocoPhillips by 30.9% in the first quarter. Quadrant Capital Group LLC now owns 2,413 shares of the energy producer’s stock valued at $109,000 after buying an additional 569 shares in the last quarter. Finally, Advantage Investment Management LLC increased its position in shares of ConocoPhillips by 65.3% in the first quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock valued at $121,000 after buying an additional 958 shares in the last quarter. Hedge funds and other institutional investors own 67.74% of the company’s stock.
Shares of ConocoPhillips (NYSE COP) opened at 45.26 on Friday. The stock’s 50 day moving average price is $44.27 and its 200-day moving average price is $46.83. The firm’s market capitalization is $55.99 billion. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17.
ConocoPhillips (NYSE:COP) last released 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. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.75%. The company had revenue of $8.88 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter in the prior year, the firm earned ($0.79) EPS. On average, equities analysts expect that ConocoPhillips will post $0.03 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, July 24th will be given a $0.265 dividend. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $1.06 dividend on an annualized basis and a yield of 2.34%. ConocoPhillips’s payout ratio is -34.98%.
Several research analysts recently issued reports on the company. Bank of America Corporation upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $45.00 to $58.00 in a research report on Friday. Cowen and Company set a $55.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research report on Tuesday, July 18th. ValuEngine upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Instinet restated a “neutral” rating and set a $54.00 price objective on shares of ConocoPhillips in a research report on Monday, April 3rd. Finally, Citigroup Inc. cut their price objective on ConocoPhillips from $65.00 to $57.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. ConocoPhillips presently has a consensus rating of “Hold” and an average price target of $55.18.
In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $47.47, for a total value of $431,549.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.82% of the stock is owned by corporate insiders.
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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