Arrow Financial Corp Cuts Position in ConocoPhillips (COP)

Arrow Financial Corp reduced its stake in ConocoPhillips (NYSE:COP) by 47.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,706 shares of the energy producer’s stock after selling 17,907 shares during the quarter. Arrow Financial Corp’s holdings in ConocoPhillips were worth $866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of the company. State Street Corp grew its holdings in shares of ConocoPhillips by 3.9% in the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock worth $3,260,918,000 after purchasing an additional 2,452,533 shares during the last quarter. FMR LLC grew its holdings in shares of ConocoPhillips by 6.9% in the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after purchasing an additional 3,982,002 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of ConocoPhillips by 1.1% in the first quarter. Macquarie Group Ltd. now owns 15,981,830 shares of the energy producer’s stock worth $797,013,000 after purchasing an additional 176,055 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of ConocoPhillips by 255.3% in the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock worth $638,530,000 after purchasing an additional 9,200,014 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in shares of ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock worth $501,966,000 after purchasing an additional 1,744,860 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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ConocoPhillips (COP) opened at 49.89 on Tuesday. The company’s market capitalization is $60.71 billion. The company’s 50 day moving average price is $47.32 and its 200-day moving average price is $46.11. ConocoPhillips has a 52 week low of $40.37 and a 52 week high of $53.17.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.16. The business had revenue of $8.88 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted ($0.79) EPS. Equities research analysts expect that ConocoPhillips will post $0.29 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, October 16th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, October 13th. ConocoPhillips’s dividend payout ratio (DPR) is -34.98%.

Several analysts recently weighed in on the stock. Barclays PLC reissued an “overweight” rating and set a $55.00 price objective (up previously from $51.00) on shares of ConocoPhillips in a research report on Tuesday, October 10th. Zacks Investment Research lowered ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $54.00 price target on shares of ConocoPhillips in a research report on Friday, September 29th. Scotiabank reaffirmed a “buy” rating and issued a $53.00 price target on shares of ConocoPhillips in a research report on Friday, September 29th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of ConocoPhillips in a research report on Saturday, September 16th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips currently has an average rating of “Hold” and an average price target of $54.15.

ConocoPhillips Profile

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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