Fernwood Investment Management LLC Sells 1,000 Shares of ConocoPhillips (NYSE:COP)
Fernwood Investment Management LLC trimmed its holdings in ConocoPhillips (NYSE:COP) by 4.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,745 shares of the energy producer’s stock after selling 1,000 shares during the quarter. Fernwood Investment Management LLC’s holdings in ConocoPhillips were worth $1,387,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in shares of ConocoPhillips during the 1st quarter worth approximately $195,526,000. Schafer Cullen Capital Management Inc raised its holdings in shares of ConocoPhillips by 38.0% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 2,740,409 shares of the energy producer’s stock worth $169,248,000 after acquiring an additional 754,411 shares in the last quarter. Cambiar Investors LLC purchased a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $43,418,000. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of ConocoPhillips by 312.1% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 883,125 shares of the energy producer’s stock worth $53,871,000 after acquiring an additional 668,847 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of ConocoPhillips by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 15,108,105 shares of the energy producer’s stock worth $940,354,000 after acquiring an additional 659,942 shares in the last quarter. Institutional investors and hedge funds own 73.64% of the company’s stock.
COP has been the topic of several recent research reports. Credit Suisse Group cut ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 price objective on the stock. in a report on Wednesday, May 1st. Bank of America raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Wednesday, July 17th. Morgan Stanley decreased their price objective on ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. decreased their price objective on ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Finally, Mizuho raised ConocoPhillips from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $80.00 in a report on Wednesday, June 26th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. ConocoPhillips has an average rating of “Buy” and a consensus target price of $77.07.
ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Tuesday, July 30th. The energy producer reported $1.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.02). ConocoPhillips had a net margin of 18.33% and a return on equity of 15.96%. The company had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $9.42 billion. During the same quarter in the previous year, the company posted $1.09 EPS. The business’s quarterly revenue was down 9.3% on a year-over-year basis. On average, analysts anticipate that ConocoPhillips will post 4.04 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, July 22nd will be issued a dividend of $0.305 per share. The ex-dividend date is Friday, July 19th. This represents a $1.22 annualized dividend and a yield of 2.41%. ConocoPhillips’s payout ratio is presently 26.93%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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