Yacktman Asset Management Lp Lowers stake in ConocoPhillips (COP)

ConocoPhillips (COP) : Yacktman Asset Management Lp reduced its stake in ConocoPhillips by 1.15% during the most recent quarter end. The investment management company now holds a total of 4,302,886 shares of ConocoPhillips which is valued at $173,449,335 after selling 50,066 shares in ConocoPhillips , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.ConocoPhillips makes up approximately 1.41% of Yacktman Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Pillar Pacific Capital Management boosted its stake in COP in the latest quarter, The investment management firm added 3,255 additional shares and now holds a total of 74,134 shares of ConocoPhillips which is valued at $2,988,342. ConocoPhillips makes up approx 0.48% of Pillar Pacific Capital Management’s portfolio. Guinness Atkinson Asset Management Inc added COP to its portfolio by purchasing 37,000 company shares during the most recent quarter which is valued at $1,482,590. ConocoPhillips makes up approx 0.89% of Guinness Atkinson Asset Management Inc’s portfolio.Barrett Asset Management boosted its stake in COP in the latest quarter, The investment management firm added 3,465 additional shares and now holds a total of 90,485 shares of ConocoPhillips which is valued at $3,803,085. ConocoPhillips makes up approx 0.32% of Barrett Asset Management’s portfolio.Foundation Resource Management Inc boosted its stake in COP in the latest quarter, The investment management firm added 1,219 additional shares and now holds a total of 586,000 shares of ConocoPhillips which is valued at $24,787,800. ConocoPhillips makes up approx 4.58% of Foundation Resource Management Inc’s portfolio.

ConocoPhillips closed down -0.21 points or -0.52% at $40.1 with 69,14,852 shares getting traded on Thursday. Post opening the session at $40.17, the shares hit an intraday low of $39.66 and an intraday high of $40.46 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, ConocoPhillips reported $-0.79 EPS for the quarter, missing the analyst consensus estimate by $ -0.18 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.61. The company had revenue of $5575.00 million for the quarter, compared to analysts expectations of $6734.50 million. The company’s revenue was down -35.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.07 EPS.

Many Wall Street Analysts have commented on ConocoPhillips. JP Morgan Upgraded ConocoPhillips on Jul 11, 2016 to ” Neutral”, Price Target of the shares are set at $44.

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 six operating segments which are primarily defined by geographic region: Alaska Lower 48 Canada Europe Asia Pacific and Middle East and Other International. The Company’s continuing operations are producing in the United States Norway the United Kingdom Canada Australia Timor-Leste Indonesia China Malaysia Qatar Libya and Russia. The Company has major ownership interests in two of North America’s oil fields located on Alaska’s North Slope: Prudhoe Bay and Kuparuk.

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