Shares of ConocoPhillips (NYSE:COP) are reeling this morning in the pre-market after the company released their fourth quarter results. This has caused the stock to fall 5.7% as of 9:00 A.M ET.
The company reported a staggering adjusted loss of $0.90 per share, which is much worse that analysts had been expecting. Wall Street had forecast just a $0.65 per share loss. Because of these less than spectacular numbers, the company has decided to cut their quarterly dividend from $0.74/share all the way down ot just $0.25/share. Much of this bad news can be attributed to the continual fall in oil prices. Just about every oil company out there has seen their profits beaten down over the past few months.
The stock closed at $38.61 during the last trading session. It is down 37.09% since June 30, 2015 and is downtrending. It has underperformed the S&P500 by 29.58%.
From a total of 8 analysts covering ConocoPhillips (NYSE:COP) stock, 5 rate it a “Buy”, 1 a “Sell”, and 2 a “Hold”. This means that 63% of the ratings are positive. The highest target price is $77 while the lowest target price is $31. The mean of all analyst targets is $51.14 which is 32.45% above today’s ($38.61) stock price. ConocoPhillips was the topic of 25 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Barclays Capital maintained shares on January 12 with a “Overweight” rating. Argus Research maintained COP stock in a recent report from December 9 with a “Buy” rating. Finally, Bernstein initiated the stock with a “Outperform” rating in a report they issued on an August 7.
The institutional sentiment decreased to 0.76 in Q2 2015. It’s down 0.15, from 0.91 in 2015Q2. The ratio is negative, as 125 funds sold all their ConocoPhillips shares they owned while 603 reduced their positions. 78 funds bought stakes while 472 increased their total positions. Institutions now own 795.13 million shares which is 1.64% more than the previous share count of 782.28 million in 2015Q2.
Astenbeck Capital Management Llc holds 9.07% of its total portfolio in ConocoPhillips, equating to 218,936 shares. Csu Producer Resources Inc. owns 15,000 shares representing 6.29% of their total US portfolio. Moreover, Foundation Resource Management Inc has 6.11% of their total portfolio invested in the company, equating to 592,744 shares. The Tennessee-based Pope Asset Management Llc has a total of 5.07% of their portfolio invested in the stock. Lau Associates Llc, a Delaware-based fund reported 74,610 shares owned.
ConocoPhillips is an independent exploration and production company. The company has a market cap of $47.69 billion. The Firm explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. It currently has negative earnings. The Firm operates through six operating divisions, which are primarily defined by geographic region: Alaska, Lower 48, Canada, Europe, Asia Pacific and Middle East, and Other International.