Essex Financial Services Inc. Sells 365 Shares of ConocoPhillips (COP)

Essex Financial Services Inc. decreased its position in shares of ConocoPhillips (NYSE:COP) by 0.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,345 shares of the energy producer’s stock after selling 365 shares during the period. Essex Financial Services Inc.’s holdings in ConocoPhillips were worth $2,012,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Gemmer Asset Management LLC raised its stake in shares of 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 in the last quarter. Financial Management Professionals Inc. raised its stake in shares of ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock worth $114,000 after buying an additional 6 shares in the last quarter. Advocacy Wealth Management Services LLC raised 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. Quadrant Capital Group LLC raised 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. Finally, Advantage Investment Management LLC raised its stake in ConocoPhillips by 65.3% in the first quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock valued at $121,000 after buying an additional 958 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Shares of ConocoPhillips (NYSE:COP) opened at 45.63 on Wednesday. The company’s market cap is $55.53 billion. ConocoPhillips has a 12 month low of $39.00 and a 12 month high of $53.17. The firm has a 50-day moving average price of $44.23 and a 200 day moving average price of $46.67.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.16. The business had revenue of $8.88 billion during the quarter, compared to analyst estimates 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 company posted ($0.79) EPS. Equities analysts predict that ConocoPhillips will post $0.25 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, July 24th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is presently -34.98%.

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Several brokerages have recently weighed in on COP. Zacks Investment Research raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Scotiabank set a $54.00 price target on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Tuesday, August 1st. Bank of America Corporation upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $58.00 in a research note on Friday, July 28th. Jefferies Group LLC set a $59.00 price objective on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Sunday, July 30th. Finally, BidaskClub upgraded shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. ConocoPhillips has an average rating of “Hold” and a consensus target price of $55.18.

In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of ConocoPhillips stock in a transaction on Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.82% of the company’s stock.

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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