Texas Permanent School Fund reduced its position in shares of ConocoPhillips (NYSE:COP) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 361,089 shares of the energy producer’s stock after selling 10,077 shares during the period. Texas Permanent School Fund’s holdings in ConocoPhillips were worth $18,008,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Gemmer Asset Management LLC raised 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 during the last quarter. Financial Management Professionals Inc. raised 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 during the last quarter. Advocacy Wealth Management Services LLC raised its position in 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 raised its position in 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, Crestwood Advisors Group LLC purchased a new position in ConocoPhillips during the first quarter valued at about $131,000. 68.84% of the stock is owned by hedge funds and other institutional investors.
Shares of ConocoPhillips (NYSE:COP) traded up 1.02% during midday trading on Tuesday, hitting $45.63. 8,032,084 shares of the company’s stock were exchanged. ConocoPhillips has a 1-year low of $39.00 and a 1-year high of $53.17. The stock’s 50 day moving average is $44.23 and its 200-day moving average is $46.67. The stock’s market cap is $55.53 billion.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The company had revenue of $8.88 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter last year, the company posted ($0.79) earnings per share. Analysts predict that ConocoPhillips will post $0.25 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders 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 annualized dividend and a dividend yield of 2.32%. ConocoPhillips’s dividend payout ratio is -34.98%.
COP has been the topic of several analyst reports. Scotiabank set a $54.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Saturday, July 1st. BidaskClub raised shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Sanford C. Bernstein downgraded shares of ConocoPhillips from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $63.00 to $42.00 in a research note on Thursday, July 6th. ValuEngine upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Bank of America Corporation downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $68.00 to $67.00 in a research note on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $55.18.
In other news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $47.47, for a total value of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.82% of the stock is currently 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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