ConocoPhillips (COP) Stake Boosted by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. lifted its stake in ConocoPhillips (NYSE:COP) by 9.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 67,747 shares of the energy producer’s stock after acquiring an additional 6,043 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in ConocoPhillips were worth $2,978,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Guinness Asset Management Ltd increased its stake in ConocoPhillips by 16.3% during the 1st quarter. Guinness Asset Management Ltd now owns 258,100 shares of the energy producer’s stock worth $12,871,000 after buying an additional 36,200 shares during the period. Waldron LP increased its stake in ConocoPhillips by 44.5% during the 1st quarter. Waldron LP now owns 7,072 shares of the energy producer’s stock worth $350,000 after buying an additional 2,178 shares during the period. Crestwood Advisors Group LLC purchased a new stake in ConocoPhillips during the 1st quarter worth approximately $131,000. Carlton Hofferkamp & Jenks Wealth Management LLC increased its stake in ConocoPhillips by 29.3% during the 1st quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 9,298 shares of the energy producer’s stock worth $463,000 after buying an additional 2,107 shares during the period. Finally, Advocacy Wealth Management Services LLC increased its stake in ConocoPhillips by 4.5% during the 1st quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock worth $116,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 68.99% of the company’s stock.

Shares of ConocoPhillips (NYSE:COP) opened at 44.47 on Monday. ConocoPhillips has a 52 week low of $39.00 and a 52 week high of $53.17. The firm’s market cap is $54.12 billion. The company’s 50-day moving average is $44.18 and its 200-day moving average is $45.73.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.16. The business had revenue of $8.88 billion during the quarter, compared to analyst estimates of $6.74 billion. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. During the same quarter in the prior year, the firm earned ($0.79) earnings per share. Analysts forecast that ConocoPhillips will post $0.24 EPS for the current fiscal year.

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

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Several brokerages recently weighed in on COP. Scotiabank reaffirmed a “buy” rating and set a $52.00 target price on shares of ConocoPhillips in a research note on Friday. Jefferies Group LLC set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Piper Jaffray Companies set a $45.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Friday, August 25th. Royal Bank Of Canada set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Thursday, August 24th. Finally, BidaskClub downgraded shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $54.03.

ConocoPhillips 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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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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