Institute for Wealth Management LLC. lifted its stake in shares of ConocoPhillips (NYSE:COP) by 3.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,689 shares of the energy producer’s stock after purchasing an additional 583 shares during the quarter. Institute for Wealth Management LLC.’s holdings in ConocoPhillips were worth $1,008,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Marshall Wace LLP grew its stake in shares of ConocoPhillips by 71.3% in the 2nd quarter. Marshall Wace LLP now owns 305,359 shares of the energy producer’s stock valued at $18,628,000 after buying an additional 127,136 shares in the last quarter. WINTON GROUP Ltd grew its stake in shares of ConocoPhillips by 103.2% in the 2nd quarter. WINTON GROUP Ltd now owns 348,948 shares of the energy producer’s stock valued at $21,286,000 after buying an additional 177,213 shares in the last quarter. Anchor Bolt Capital LP bought a new stake in shares of ConocoPhillips in the 2nd quarter valued at approximately $10,401,000. NEXT Financial Group Inc grew its stake in shares of ConocoPhillips by 18.1% in the 2nd quarter. NEXT Financial Group Inc now owns 15,677 shares of the energy producer’s stock valued at $956,000 after buying an additional 2,404 shares in the last quarter. Finally, Laurel Wealth Advisors Inc. grew its stake in shares of ConocoPhillips by 15.7% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 9,144 shares of the energy producer’s stock valued at $558,000 after buying an additional 1,240 shares in the last quarter. Institutional investors and hedge funds own 71.42% of the company’s stock.
Several brokerages recently commented on COP. Morgan Stanley lowered their price target on ConocoPhillips from $81.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Bank of America raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. lowered their price target on ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Barclays began coverage on ConocoPhillips in a report on Monday, August 19th. They issued an “overweight” rating and a $79.00 target price for the company. Finally, ValuEngine upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $73.08.
Shares of NYSE COP traded down $0.67 during trading hours on Monday, reaching $55.68. The stock had a trading volume of 7,195,580 shares, compared to its average volume of 6,585,968. The business’s fifty day moving average is $56.45 and its two-hundred day moving average is $58.73. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 1.64. The company has a market cap of $62.35 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.66 and a beta of 1.05. ConocoPhillips has a twelve month low of $50.13 and a twelve month high of $71.82.
ConocoPhillips (NYSE:COP) last issued its earnings results on Tuesday, July 30th. The energy producer reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02). The firm had revenue of $8.38 billion during the quarter, compared to analyst estimates of $9.42 billion. ConocoPhillips had a net margin of 18.33% and a return on equity of 15.96%. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 earnings per share. Sell-side analysts forecast that ConocoPhillips will post 3.56 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, October 17th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.02%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, October 16th. ConocoPhillips’s dividend payout ratio is 37.09%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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