Pinnacle Associates Ltd. reduced its position in shares of ConocoPhillips (NYSE:COP) by 5.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 156,388 shares of the energy producer’s stock after selling 8,660 shares during the period. Pinnacle Associates Ltd.’s holdings in ConocoPhillips were worth $7,827,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Freestone Capital Holdings LLC grew its stake in shares of ConocoPhillips by 78.7% during the second quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock worth $354,000 after buying an additional 3,543 shares during the last quarter. Point View Wealth Management Inc. grew its stake in shares of ConocoPhillips by 19.8% during the second quarter. Point View Wealth Management Inc. now owns 32,939 shares of the energy producer’s stock worth $1,448,000 after buying an additional 5,452 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of ConocoPhillips by 16.1% during the second quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock worth $27,092,000 after buying an additional 85,538 shares during the last quarter. Korea Investment CORP grew its stake in shares of ConocoPhillips by 32.8% during the third quarter. Korea Investment CORP now owns 1,026,000 shares of the energy producer’s stock worth $51,351,000 after buying an additional 253,600 shares during the last quarter. Finally, MUFG Securities EMEA plc bought a new stake in shares of ConocoPhillips during the second quarter worth $26,376,000. Institutional investors and hedge funds own 69.63% of the company’s stock.
Shares of ConocoPhillips (NYSE:COP) opened at $57.65 on Thursday. The company has a quick ratio of 2.23, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. ConocoPhillips has a one year low of $42.26 and a one year high of $58.32. The firm has a market cap of $68,920.00, a price-to-earnings ratio of -28.97, a P/E/G ratio of 2.90 and a beta of 1.26.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 26th. The energy producer reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.08. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. The company had revenue of $7.20 billion for the quarter, compared to analysts’ expectations of $6.55 billion. During the same quarter in the previous year, the firm posted ($0.66) earnings per share. analysts forecast that ConocoPhillips will post 0.57 EPS for the current year.
A number of analysts have weighed in on COP shares. Barclays boosted their target price on shares of ConocoPhillips from $55.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Royal Bank of Canada boosted their target price on shares of ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Zacks Investment Research cut shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Scotiabank reaffirmed a “buy” rating and set a $53.00 target price on shares of ConocoPhillips in a research note on Wednesday, November 1st. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of ConocoPhillips in a research note on Saturday, September 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $55.47.
In other ConocoPhillips news, Director Charles E. Bunch acquired 2,000 shares of ConocoPhillips stock in a transaction that occurred on Monday, December 11th. The shares were bought at an average price of $52.06 per share, with a total value of $104,120.00. Following the completion of the purchase, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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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