W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in shares of ConocoPhillips (NYSE:COP) by 1.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,452 shares of the energy producer’s stock after purchasing an additional 1,522 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in ConocoPhillips were worth $5,213,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Manchester Financial Inc. bought a new position in shares of ConocoPhillips during the second quarter valued at approximately $34,000. Destination Wealth Management boosted its stake in shares of ConocoPhillips by 592.6% during the first quarter. Destination Wealth Management now owns 561 shares of the energy producer’s stock valued at $37,000 after purchasing an additional 480 shares in the last quarter. Glassman Wealth Services lifted its position in ConocoPhillips by 779.2% during the first quarter. Glassman Wealth Services now owns 633 shares of the energy producer’s stock valued at $42,000 after acquiring an additional 561 shares during the last quarter. Lipe & Dalton purchased a new stake in ConocoPhillips during the second quarter valued at approximately $53,000. Finally, American National Bank purchased a new stake in ConocoPhillips during the second quarter valued at approximately $64,000. Hedge funds and other institutional investors own 72.20% of the company’s stock.
A number of equities research analysts recently commented on the stock. Credit Suisse Group cut shares of ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 target price for the company. in a research report on Wednesday, May 1st. Zacks Investment Research raised shares of ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 target price for the company in a research report on Thursday, July 11th. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Thursday, June 27th. Morgan Stanley decreased their target price on shares of ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. ConocoPhillips currently has an average rating of “Buy” and a consensus price target of $76.85.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Tuesday, July 30th. The energy producer reported $1.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.02). The company had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $9.42 billion. ConocoPhillips had a return on equity of 15.96% and a net margin of 18.33%. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 EPS. Analysts predict that ConocoPhillips will post 4.04 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, July 22nd will be issued a $0.305 dividend. The ex-dividend date is Friday, July 19th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 2.41%. ConocoPhillips’s dividend payout ratio is currently 26.93%.
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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