GAMMA Investing LLC Acquires 4,436 Shares of ConocoPhillips (NYSE:COP)

GAMMA Investing LLC lifted its holdings in ConocoPhillips (NYSE:COP) by 29.4% in the second quarter, HoldingsChannel.com reports. The fund owned 19,545 shares of the energy producer’s stock after buying an additional 4,436 shares during the quarter. GAMMA Investing LLC’s holdings in ConocoPhillips were worth $2,236,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Park Place Capital Corp boosted its stake in shares of ConocoPhillips by 31.3% in the second quarter. Park Place Capital Corp now owns 2,650 shares of the energy producer’s stock worth $303,000 after acquiring an additional 632 shares during the period. Transcend Capital Advisors LLC boosted its stake in ConocoPhillips by 35.9% during the second quarter. Transcend Capital Advisors LLC now owns 12,944 shares of the energy producer’s stock valued at $1,481,000 after buying an additional 3,419 shares during the last quarter. Capital Market Strategies LLC bought a new position in ConocoPhillips during the second quarter valued at approximately $222,000. Bright Futures Wealth Management LLC. bought a new position in ConocoPhillips during the first quarter valued at approximately $463,000. Finally, Abich Financial Wealth Management LLC boosted its stake in ConocoPhillips by 54.1% during the first quarter. Abich Financial Wealth Management LLC now owns 1,433 shares of the energy producer’s stock valued at $182,000 after buying an additional 503 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on COP. Wells Fargo & Company dropped their price target on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday. Royal Bank of Canada increased their price target on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, May 15th. Argus raised ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Barclays upped their price objective on ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.06.

ConocoPhillips Trading Down 2.4 %

COP traded down $2.62 on Friday, reaching $105.77. 7,445,068 shares of the company traded hands, compared to its average volume of 5,694,223. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The company has a market cap of $123.70 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 2.14 and a beta of 1.24. The firm has a fifty day simple moving average of $112.75 and a two-hundred day simple moving average of $117.16. ConocoPhillips has a one year low of $103.98 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. ConocoPhillips’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.84 earnings per share. As a group, equities research analysts expect that ConocoPhillips will post 8.73 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.