Short Interest in ConocoPhillips (NYSE:COP) Increases By 24.1%

ConocoPhillips (NYSE:COP) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 9,236,100 shares, an increase of 24.1% from the June 30th total of 7,440,600 shares. Currently, 0.8% of the company’s stock are short sold. Based on an average daily volume of 6,190,000 shares, the days-to-cover ratio is presently 1.5 days.

Several hedge funds have recently made changes to their positions in the company. Valley National Advisers Inc. lifted its holdings in shares of ConocoPhillips by 64.9% in the 2nd quarter. Valley National Advisers Inc. now owns 503 shares of the energy producer’s stock worth $31,000 after acquiring an additional 198 shares during the last quarter. Towerpoint Wealth LLC bought a new stake in shares of ConocoPhillips in the 2nd quarter worth about $32,000. Manchester Financial Inc. bought a new stake in shares of ConocoPhillips in the 2nd quarter worth about $34,000. AllSquare Wealth Management LLC lifted its holdings in shares of ConocoPhillips by 1,018.0% in the 2nd quarter. AllSquare Wealth Management LLC now owns 559 shares of the energy producer’s stock worth $34,000 after acquiring an additional 509 shares during the last quarter. Finally, Destination Wealth Management lifted its holdings in shares of ConocoPhillips by 592.6% in the 1st quarter. Destination Wealth Management now owns 561 shares of the energy producer’s stock worth $37,000 after acquiring an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 73.64% of the company’s stock.

COP traded down $1.86 during trading on Wednesday, hitting $52.01. The company’s stock had a trading volume of 3,890,851 shares, compared to its average volume of 6,560,613. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.64 and a current ratio of 1.76. ConocoPhillips has a one year low of $52.30 and a one year high of $80.24. The stock has a market cap of $59.96 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 1.41 and a beta of 0.99. The stock has a 50 day moving average price of $58.96.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Tuesday, July 30th. The energy producer reported $1.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.02). ConocoPhillips had a return on equity of 15.96% and a net margin of 18.33%. The business had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $9.42 billion. During the same quarter in the previous year, the business posted $1.09 earnings per share. The firm’s revenue was down 9.3% on a year-over-year basis. Analysts expect that ConocoPhillips will post 4.04 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, July 22nd will be given a dividend of $0.305 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $1.22 annualized dividend and a dividend yield of 2.35%. ConocoPhillips’s payout ratio is 26.93%.

A number of equities research analysts have weighed in on COP shares. Mizuho upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $80.00 in a report on Wednesday, June 26th. Zacks Investment Research upgraded shares of ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 price objective on the stock in a report on Thursday, July 11th. Credit Suisse Group cut shares of ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 price target on the stock. in a report on Wednesday, May 1st. ValuEngine upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. Finally, Morgan Stanley cut their price target on shares of ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $77.07.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

Further Reading: Is the QQQ ETF safe?

Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.