Van ECK Associates Corp Sells 5,036 Shares of ConocoPhillips (NYSE:COP)

Van ECK Associates Corp cut its position in shares of ConocoPhillips (NYSE:COP) by 0.6% during the second quarter, HoldingsChannel.com reports. The firm owned 844,459 shares of the energy producer’s stock after selling 5,036 shares during the period. Van ECK Associates Corp’s holdings in ConocoPhillips were worth $51,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC grew its position in ConocoPhillips by 74.5% in the first quarter. Los Angeles Capital Management LLC now owns 36,267 shares of the energy producer’s stock valued at $1,921,000 after acquiring an additional 15,479 shares during the period. Glassman Wealth Services grew its position in ConocoPhillips by 405.4% in the first quarter. Glassman Wealth Services now owns 844 shares of the energy producer’s stock valued at $45,000 after acquiring an additional 677 shares during the period. Fort Washington Investment Advisors Inc. OH grew its position in ConocoPhillips by 8.1% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 16,429 shares of the energy producer’s stock valued at $871,000 after acquiring an additional 1,226 shares during the period. TCW Group Inc. grew its position in ConocoPhillips by 1.2% in the first quarter. TCW Group Inc. now owns 27,407 shares of the energy producer’s stock valued at $1,452,000 after acquiring an additional 315 shares during the period. Finally, Lakeview Capital Partners LLC bought a new stake in ConocoPhillips in the first quarter valued at $225,000. Institutional investors and hedge funds own 78.47% of the company’s stock.

In other ConocoPhillips news, Director R A. Walker purchased 18,000 shares of the stock in a transaction on Monday, August 9th. The stock was bought at an average cost of $55.50 per share, for a total transaction of $999,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jody Freeman sold 3,334 shares of the stock in a transaction dated Monday, June 28th. The stock was sold at an average price of $59.65, for a total value of $198,873.10. Following the transaction, the director now owns 8,251 shares of the company’s stock, valued at $492,172.15. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

NYSE:COP opened at $56.94 on Wednesday. ConocoPhillips has a 1-year low of $27.53 and a 1-year high of $63.57. The business’s 50-day moving average price is $56.17 and its two-hundred day moving average price is $55.98. The company has a current ratio of 2.11, a quick ratio of 1.97 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $76.25 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 1.56 and a beta of 1.77.

ConocoPhillips (NYSE:COP) last released its earnings results on Tuesday, August 3rd. The energy producer reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.17. ConocoPhillips had a return on equity of 5.64% and a net margin of 5.93%. The firm had revenue of $10.21 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same quarter in the prior year, the firm posted ($0.92) earnings per share. Sell-side analysts predict that ConocoPhillips will post 4.79 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Monday, July 26th were paid a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Friday, July 23rd. ConocoPhillips’s payout ratio is -177.32%.

A number of analysts have weighed in on the company. Royal Bank of Canada upped their price target on ConocoPhillips from $73.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, July 1st. Raymond James reduced their price objective on ConocoPhillips from $85.00 to $80.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, August 24th. Evercore ISI boosted their price objective on ConocoPhillips from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Monday, June 28th. Sanford C. Bernstein boosted their price objective on ConocoPhillips from $63.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, June 21st. Finally, boosted their price objective on ConocoPhillips from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 1st. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $70.81.

ConocoPhillips Company Profile

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

Further Reading: Bollinger Bands

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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