Institute for Wealth Management LLC. lifted its stake in shares of ConocoPhillips (NYSE:COP) by 7.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,655 shares of the energy producer’s stock after acquiring an additional 1,466 shares during the quarter. Institute for Wealth Management LLC.’s holdings in ConocoPhillips were worth $868,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of COP. Jackson Hole Capital Partners LLC lifted its position in shares of ConocoPhillips by 3.0% during the first quarter. Jackson Hole Capital Partners LLC now owns 8,693 shares of the energy producer’s stock worth $268,000 after purchasing an additional 250 shares in the last quarter. Center for Financial Planning Inc. increased its stake in ConocoPhillips by 5.3% in the first quarter. Center for Financial Planning Inc. now owns 4,991 shares of the energy producer’s stock valued at $154,000 after purchasing an additional 252 shares in the last quarter. Laurel Wealth Advisors Inc. increased its position in shares of ConocoPhillips by 3.7% during the first quarter. Laurel Wealth Advisors Inc. now owns 7,243 shares of the energy producer’s stock worth $223,000 after acquiring an additional 258 shares in the last quarter. Financial Management Professionals Inc. increased its position in shares of ConocoPhillips by 9.9% during the second quarter. Financial Management Professionals Inc. now owns 2,934 shares of the energy producer’s stock worth $123,000 after acquiring an additional 265 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its position in shares of ConocoPhillips by 11.6% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 2,614 shares of the energy producer’s stock worth $110,000 after acquiring an additional 271 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.
In other ConocoPhillips news, Director David Thomas Seaton purchased 2,400 shares of ConocoPhillips stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $41.03 per share, for a total transaction of $98,472.00. Following the completion of the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at $102,575. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.70% of the stock is owned by company insiders.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, July 30th. The energy producer reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.34). ConocoPhillips had a net margin of 8.49% and a return on equity of 3.72%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $4.19 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. On average, research analysts predict that ConocoPhillips will post -0.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, July 20th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Friday, July 17th. ConocoPhillips’s payout ratio is currently 46.80%.
Several equities analysts have commented on COP shares. Cfra lowered shares of ConocoPhillips to a “hold” rating and set a $50.00 target price on the stock. in a report on Wednesday, June 10th. Royal Bank of Canada reissued a “buy” rating on shares of ConocoPhillips in a report on Monday, July 6th. Jefferies Financial Group began coverage on shares of ConocoPhillips in a report on Friday, June 12th. They issued a “buy” rating and a $56.00 target price on the stock. UBS Group raised their price target on shares of ConocoPhillips from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Finally, MKM Partners raised their price target on shares of ConocoPhillips from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $56.25.
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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