ConocoPhillips (NYSE:COP) Shares Sold by Markston International LLC
Markston International LLC decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 5.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 90,377 shares of the energy producer’s stock after selling 4,796 shares during the quarter. Markston International LLC’s holdings in ConocoPhillips were worth $3,797,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Massachusetts Financial Services Co. MA boosted its position in shares of ConocoPhillips by 999.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 16,516,842 shares of the energy producer’s stock worth $508,719,000 after buying an additional 15,014,026 shares during the period. Capital International Investors boosted its position in shares of ConocoPhillips by 41.4% during the first quarter. Capital International Investors now owns 25,605,628 shares of the energy producer’s stock worth $788,651,000 after buying an additional 7,497,157 shares during the period. State Street Corp boosted its position in shares of ConocoPhillips by 5.3% during the first quarter. State Street Corp now owns 53,080,153 shares of the energy producer’s stock worth $1,634,869,000 after buying an additional 2,693,223 shares during the period. APG Asset Management N.V. boosted its position in shares of ConocoPhillips by 43.4% during the first quarter. APG Asset Management N.V. now owns 6,562,568 shares of the energy producer’s stock worth $390,066,000 after buying an additional 1,984,887 shares during the period. Finally, Jennison Associates LLC boosted its holdings in ConocoPhillips by 637.0% in the second quarter. Jennison Associates LLC now owns 2,050,564 shares of the energy producer’s stock valued at $86,165,000 after purchasing an additional 1,772,340 shares during the period. 72.02% of the stock is owned by institutional investors.
A number of research firms recently issued reports on COP. Piper Sandler lifted their target price on ConocoPhillips from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Mizuho lifted their target price on ConocoPhillips from $37.00 to $46.00 in a report on Friday, June 19th. Credit Suisse Group began coverage on ConocoPhillips in a report on Tuesday, August 4th. They issued a “buy” rating and a $52.00 target price for the company. Wells Fargo & Company reiterated a “buy” rating on shares of ConocoPhillips in a report on Tuesday. Finally, Scotiabank decreased their price target on ConocoPhillips from $50.00 to $45.00 and set a “sector perform” rating for the company in a report on Monday, July 13th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $55.65.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, July 30th. The energy producer reported ($0.92) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.58) by ($0.34). The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $4.19 billion. ConocoPhillips had a net margin of 8.49% and a return on equity of 3.72%. During the same quarter last year, the firm earned $1.01 EPS. Sell-side analysts anticipate that ConocoPhillips will post -0.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, July 20th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend was Friday, July 17th. ConocoPhillips’s dividend payout ratio (DPR) is presently 46.80%.
ConocoPhillips Company Profile
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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