Kornitzer Capital Management Inc. KS Reduces Position in ConocoPhillips (COP)

Kornitzer Capital Management Inc. KS lessened its stake in shares of ConocoPhillips (NYSE:COP) by 1.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 828,490 shares of the energy producer’s stock after selling 14,050 shares during the period. Kornitzer Capital Management Inc. KS owned 0.07% of ConocoPhillips worth $36,420,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of ConocoPhillips by 3.9% during the 1st quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock valued at $3,260,918,000 after acquiring an additional 2,452,533 shares during the period. FMR LLC lifted its position in shares of ConocoPhillips by 6.9% during the 1st quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after acquiring an additional 3,982,002 shares during the period. Macquarie Group Ltd. lifted its position in shares of ConocoPhillips by 1.1% during the 1st quarter. Macquarie Group Ltd. now owns 15,981,830 shares of the energy producer’s stock valued at $797,013,000 after acquiring an additional 176,055 shares during the period. Wellington Management Group LLP lifted its position in shares of ConocoPhillips by 255.3% during the 1st quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock valued at $638,530,000 after acquiring an additional 9,200,014 shares during the period. Finally, First Eagle Investment Management LLC lifted its position in shares of ConocoPhillips by 21.0% during the 1st quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock valued at $501,966,000 after acquiring an additional 1,744,860 shares during the period. Institutional investors own 68.90% of the company’s stock.

COP has been the topic of a number of research reports. BidaskClub upgraded shares of ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Royal Bank Of Canada restated a “buy” rating and set a $62.00 price objective on shares of ConocoPhillips in a report on Thursday, June 15th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $52.00 price objective on shares of ConocoPhillips in a report on Thursday, June 22nd. Scotiabank set a $54.00 price objective on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Saturday, July 1st. Finally, Sanford C. Bernstein downgraded shares of ConocoPhillips from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $63.00 to $42.00 in a report on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.19.

ConocoPhillips (COP) opened at 48.33 on Thursday. The company’s market cap is $58.82 billion. ConocoPhillips has a 52-week low of $39.00 and a 52-week high of $53.17. The company’s 50-day moving average is $44.59 and its 200 day moving average is $45.61.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The company had revenue of $8.88 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period last year, the company earned ($0.79) EPS. Equities analysts forecast that ConocoPhillips will post $0.26 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, July 24th were issued a $0.265 dividend. The ex-dividend date was Thursday, July 20th. This represents a $1.06 annualized dividend and a yield of 2.19%. ConocoPhillips’s payout ratio is -34.98%.

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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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