Washington Trust Bank Lowers stake in ConocoPhillips (COP)

ConocoPhillips (COP) : Washington Trust Bank reduced its stake in ConocoPhillips by 3.73% during the most recent quarter end. The investment management company now holds a total of 10,468 shares of ConocoPhillips which is valued at $459,650 after selling 406 shares in ConocoPhillips , the firm said in a disclosure report filed with the SEC on Oct 4, 2016.ConocoPhillips makes up approximately 0.11% of Washington Trust Bank’s portfolio.

Other Hedge Funds, Including , Lynch Associatesin sold out all of its stake in COP during the most recent quarter. The investment firm sold 35,455 shares of COP which is valued $1,556,829. Lvm Capital Management Ltdmi added COP to its portfolio by purchasing 12,000 company shares during the most recent quarter which is valued at $526,920. ConocoPhillips makes up approx 0.17% of Lvm Capital Management Ltdmi’s portfolio.Lau Associates reduced its stake in COP by selling 500 shares or 0.68% in the most recent quarter. The Hedge Fund company now holds 72,847 shares of COP which is valued at $3,198,712. ConocoPhillips makes up approx 3.26% of Lau Associates’s portfolio.Beacon Financial Group reduced its stake in COP by selling 15,133 shares or 47.23% in the most recent quarter. The Hedge Fund company now holds 16,910 shares of COP which is valued at $742,518. ConocoPhillips makes up approx 0.16% of Beacon Financial Group’s portfolio.Cullinan Associates Inc reduced its stake in COP by selling 700 shares or 5.15% in the most recent quarter. The Hedge Fund company now holds 12,900 shares of COP which is valued at $566,439. ConocoPhillips makes up approx 0.05% of Cullinan Associates Inc’s portfolio.

ConocoPhillips closed down -0.56 points or -1.29% at $42.87 with 62,63,810 shares getting traded on Tuesday. Post opening the session at $43.43, the shares hit an intraday low of $42.59 and an intraday high of $43.54 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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. ConocoPhillips was Upgraded by JP Morgan to ” Overweight” on Sep 12, 2016. ConocoPhillips was Upgraded by Jefferies to ” Hold” on Sep 7, 2016. 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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