Livingston Group Asset Management CO operating as Southport Capital Management Sells 70 Shares of ConocoPhillips (NYSE:COP)

Livingston Group Asset Management CO operating as Southport Capital Management lowered its stake in ConocoPhillips (NYSE:COP) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,848 shares of the energy producer’s stock after selling 70 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in ConocoPhillips were worth $697,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Jolley Asset Management LLC raised its position in ConocoPhillips by 0.9% in the second quarter. Jolley Asset Management LLC now owns 67,385 shares of the energy producer’s stock valued at $2,962,000 after buying an additional 628 shares during the period. Nisa Investment Advisors LLC raised its position in ConocoPhillips by 0.5% in the second quarter. Nisa Investment Advisors LLC now owns 464,983 shares of the energy producer’s stock valued at $20,488,000 after buying an additional 2,150 shares during the period. Bartlett & Co. LLC raised its position in ConocoPhillips by 9.9% in the second quarter. Bartlett & Co. LLC now owns 13,039 shares of the energy producer’s stock valued at $573,000 after buying an additional 1,175 shares during the period. Foundation Resource Management Inc. raised its position in ConocoPhillips by 0.5% in the second quarter. Foundation Resource Management Inc. now owns 566,259 shares of the energy producer’s stock valued at $24,893,000 after buying an additional 2,539 shares during the period. Finally, LS Investment Advisors LLC raised its position in ConocoPhillips by 2.2% in the second quarter. LS Investment Advisors LLC now owns 49,365 shares of the energy producer’s stock valued at $2,170,000 after buying an additional 1,067 shares during the period. Institutional investors and hedge funds own 67.74% of the company’s stock.

Shares of ConocoPhillips (NYSE COP) opened at 42.65 on Monday. The firm’s 50 day moving average is $44.32 and its 200 day moving average is $47.10. The company’s market cap is $52.76 billion. ConocoPhillips has a 12 month low of $38.80 and a 12 month high of $53.17.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.05. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. During the same period in the previous year, the business posted ($0.95) EPS. On average, equities analysts predict that ConocoPhillips will post $0.01 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s dividend payout ratio is presently -95.50%.

ConocoPhillips declared that its Board of Directors has initiated a share repurchase plan on Wednesday, March 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the energy producer to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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COP has been the topic of several recent research reports. Scotiabank set a $54.00 target price on ConocoPhillips and gave the company a “buy” rating in a report on Saturday, July 1st. Sanford C. Bernstein downgraded ConocoPhillips from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $63.00 to $42.00 in a research report on Thursday, July 6th. Bank of America Corporation downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and lowered their price target for the company from $68.00 to $67.00 in a research report on Thursday, May 11th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $55.00 price target on shares of ConocoPhillips in a research report on Friday, May 5th. Finally, Cowen and Company reaffirmed a “buy” rating on shares of ConocoPhillips in a research report on Friday, April 14th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $55.63.

In related news, VP James D. Mcmorran sold 9,091 shares of ConocoPhillips stock in a transaction on Friday, May 19th. The shares were sold at an average price of $47.47, for a total transaction of $431,549.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by company insiders.

About ConocoPhillips

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.

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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