Columbia Asset Management Reduces Position in ConocoPhillips (COP)

Columbia Asset Management decreased its stake in ConocoPhillips (NYSE:COP) by 13.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,730 shares of the energy producer’s stock after selling 3,758 shares during the period. Columbia Asset Management’s holdings in ConocoPhillips were worth $1,183,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gemmer Asset Management LLC increased its stake in ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock worth $108,000 after buying an additional 8 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in ConocoPhillips by 30.9% in the first quarter. Quadrant Capital Group LLC now owns 2,413 shares of the energy producer’s stock valued at $109,000 after buying an additional 569 shares during the period. Financial Management Professionals Inc. boosted its stake in ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock valued at $114,000 after buying an additional 6 shares during the period. Advocacy Wealth Management Services LLC boosted its stake in ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock valued at $116,000 after buying an additional 100 shares during the period. Finally, Westside Investment Management Inc. boosted its stake in ConocoPhillips by 468.4% in 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 period. Hedge funds and other institutional investors own 68.68% of the company’s stock.

ConocoPhillips (NYSE COP) traded up 0.26% during mid-day trading on Friday, reaching $43.11. 7,310,360 shares of the company traded hands. The stock has a 50 day moving average price of $44.10 and a 200-day moving average price of $46.28. ConocoPhillips has a 52-week low of $39.00 and a 52-week high of $53.17. The company’s market capitalization is $52.46 billion.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.16. The firm had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $6.74 billion. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. During the same period in the previous year, the business posted ($0.79) EPS. Analysts expect that ConocoPhillips will post $0.24 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, July 24th will be issued a dividend of $0.265 per share. The ex-dividend date is Thursday, July 20th. This represents a $1.06 annualized dividend and a yield of 2.46%. ConocoPhillips’s dividend payout ratio is currently -34.98%.

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A number of research firms recently weighed in on COP. Bank of America Corporation cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $68.00 to $67.00 in a research report on Thursday, May 11th. Jefferies Group LLC raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and raised their price target for the company from $55.00 to $59.00 in a research report on Wednesday, May 17th. BidaskClub raised shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Royal Bank Of Canada reissued a “buy” rating and issued a $62.00 price target on shares of ConocoPhillips in a research report on Thursday, June 15th. Finally, Zacks Investment Research upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $55.18.

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.

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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