Kornitzer Capital Management Inc. KS Has $62.19 Million Stock Position in ConocoPhillips (NYSE:COP)

Kornitzer Capital Management Inc. KS lowered its position in ConocoPhillips (NYSE:COP) by 1.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543,669 shares of the energy producer’s stock after selling 5,535 shares during the quarter. ConocoPhillips makes up approximately 1.2% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 15th biggest position. Kornitzer Capital Management Inc. KS’s holdings in ConocoPhillips were worth $62,185,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COP. Cardinal Capital Management Inc. bought a new position in ConocoPhillips during the fourth quarter valued at approximately $13,468,000. Harbor Investment Advisory LLC raised its holdings in shares of ConocoPhillips by 2.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after purchasing an additional 212 shares in the last quarter. First Trust Direct Indexing L.P. lifted its stake in shares of ConocoPhillips by 5.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after purchasing an additional 1,390 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in ConocoPhillips in the second quarter worth $30,021,000. Finally, EP Wealth Advisors LLC increased its position in ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after buying an additional 4,578 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Mizuho decreased their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research note on Wednesday, June 5th. Susquehanna decreased their target price on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research report on Wednesday. Sanford C. Bernstein dropped their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Argus raised shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Finally, Bank of America reiterated a “buy” rating and issued a $147.00 target price on shares of ConocoPhillips in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $143.24.

Insider Buying and Selling

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

NYSE COP traded down $0.22 during midday trading on Thursday, hitting $108.34. The company had a trading volume of 2,201,429 shares, compared to its average volume of 5,643,597. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The stock has a market cap of $125.81 billion, a price-to-earnings ratio of 12.29, a P/E/G ratio of 0.85 and a beta of 1.22. The firm has a fifty day simple moving average of $111.50 and a two-hundred day simple moving average of $117.04. ConocoPhillips has a fifty-two week low of $102.27 and a fifty-two week high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results 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 analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the business posted $1.84 EPS. Equities analysts forecast that ConocoPhillips will post 8.5 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.14%. ConocoPhillips’s dividend payout ratio (DPR) is currently 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.