Short Interest in ConocoPhillips (COP) Drops By 18.6%

ConocoPhillips (NYSE:COP) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 26,171,690 shares, a decline of 18.6% from the October 13th total of 32,139,196 shares. Based on an average trading volume of 6,064,920 shares, the short-interest ratio is currently 4.3 days. Approximately 2.2% of the company’s stock are sold short.

Several research firms have recently commented on COP. Royal Bank Of Canada set a $54.00 price target on shares of ConocoPhillips and gave the company a “buy” rating in a report on Thursday, August 24th. Wells Fargo & Company boosted their price target on shares of ConocoPhillips from $57.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, October 27th. Citigroup Inc. lowered their price target on shares of ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Piper Jaffray Companies restated a “buy” rating and set a $53.00 price target on shares of ConocoPhillips in a report on Friday, November 3rd. Finally, Scotiabank reiterated a “buy” rating and issued a $53.00 price objective on shares of ConocoPhillips in a report on Wednesday, November 1st. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. ConocoPhillips has an average rating of “Hold” and an average target price of $55.37.

ConocoPhillips (COP) opened at $51.23 on Wednesday. The company has a market cap of $63,350.39, a PE ratio of 2,649.50, a PEG ratio of 13.72 and a beta of 1.28. The company has a current ratio of 2.38, a quick ratio of 2.23 and a debt-to-equity ratio of 0.64. ConocoPhillips has a 52-week low of $42.26 and a 52-week high of $54.22.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 26th. The energy producer reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.08. The business had revenue of $7.20 billion during the quarter, compared to analyst estimates of $6.55 billion. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. During the same quarter in the prior year, the business earned ($0.66) earnings per share. sell-side analysts forecast that ConocoPhillips will post 0.52 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, October 16th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, October 13th. ConocoPhillips’s dividend payout ratio is currently -57.30%.

Institutional investors and hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. raised its position in shares of ConocoPhillips by 0.3% during the second quarter. Financial Management Professionals Inc. now owns 2,294 shares of the energy producer’s stock valued at $100,000 after buying an additional 6 shares during the last quarter. First Command Bank raised its position in shares of ConocoPhillips by 9.4% during the second quarter. First Command Bank now owns 2,313 shares of the energy producer’s stock valued at $101,000 after buying an additional 199 shares during the last quarter. Krilogy Financial LLC raised its position in shares of ConocoPhillips by 48.6% during the second quarter. Krilogy Financial LLC now owns 2,392 shares of the energy producer’s stock valued at $105,000 after buying an additional 782 shares during the last quarter. Westside Investment Management Inc. raised its position in shares of ConocoPhillips by 468.4% during the first quarter. Westside Investment Management Inc. now owns 2,427 shares of the energy producer’s stock valued at $119,000 after buying an additional 2,000 shares during the last quarter. Finally, Rocky Mountain Advisers LLC raised its position in ConocoPhillips by 140.2% in the third quarter. Rocky Mountain Advisers LLC now owns 2,392 shares of the energy producer’s stock worth $120,000 after purchasing an additional 1,396 shares in the last quarter. 70.08% of the stock is owned by institutional investors and hedge funds.

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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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