ConocoPhillips (COP) Position Cut by HighTower Advisors LLC

HighTower Advisors LLC lessened its stake in ConocoPhillips (NYSE:COP) by 1.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 211,192 shares of the energy producer’s stock after selling 3,029 shares during the period. HighTower Advisors LLC’s holdings in ConocoPhillips were worth $10,521,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. State Street Corp grew its position in ConocoPhillips by 3.9% in the 1st quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock valued at $3,260,918,000 after buying an additional 2,452,533 shares in the last quarter. FMR LLC grew its position in ConocoPhillips by 6.9% in the 1st quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after buying an additional 3,982,002 shares in the last quarter. Wellington Management Group LLP grew its position in ConocoPhillips by 255.3% in the 1st quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock valued at $638,530,000 after buying an additional 9,200,014 shares in the last quarter. First Eagle Investment Management LLC grew its position in ConocoPhillips by 21.0% in the 1st quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock valued at $501,966,000 after buying an additional 1,744,860 shares in the last quarter. Finally, Legal & General Group Plc grew its position in ConocoPhillips by 0.4% in the 1st quarter. Legal & General Group Plc now owns 7,116,318 shares of the energy producer’s stock valued at $354,889,000 after buying an additional 31,219 shares in the last quarter. Hedge funds and other institutional investors own 68.99% of the company’s stock.

A number of equities analysts recently issued reports on the stock. Scotiabank reiterated a “buy” rating and issued a $52.00 target price on shares of ConocoPhillips in a research report on Friday. Jefferies Group LLC set a $54.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Tuesday, August 29th. Piper Jaffray Companies set a $45.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Friday, August 25th. Royal Bank Of Canada set a $54.00 target price on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Thursday, August 24th. Finally, BidaskClub lowered shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Three 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 stock currently has an average rating of “Buy” and a consensus target price of $54.03.

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ConocoPhillips (COP) traded up 1.53% during mid-day trading on Monday, hitting $45.15. 1,999,031 shares of the stock were exchanged. The stock’s market capitalization is $54.95 billion. ConocoPhillips has a 12-month low of $39.00 and a 12-month high of $53.17. The firm has a 50-day moving average price of $44.22 and a 200-day moving average price of $45.70.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $6.74 billion. During the same quarter in the prior year, the business posted ($0.79) EPS. Equities analysts predict that ConocoPhillips will post $0.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, July 24th were paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Thursday, July 20th. ConocoPhillips’s dividend payout ratio is currently -34.98%.

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.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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