3. ConocoPhillips (NYSE:COP)
Investors with Long Positions (as of June 30): 43
Aggregate Value of Investors’ Holdings (as of June 30): $1.50 Billion
ConocoPhillips (NYSE:COP), which is the largest independent exploration and production company based on production and proved reserves in the world, recently announced an increase in its quarterly dividend to $0.74 per share from $0.73, which was paid for four quarters in a row. The freshly-increased dividend is payable on September 1, and currently offers investors a dividend yield of 6.45%. Nine hedge funds and other investors that we observe discarded their positions in ConocoPhillips collectively during the second quarter. At the same time, the value of the positions held by hedge funds totaled $1.65 billion at the end of the first quarter. The independent E&P company has had a rough year thus far, considering that its stock has declined by 32% year-to-date. Jean-Marie Eveillard’s First Eagle Investment Management holds a 7.65 million-share position in ConocoPhillips (NYSE:COP).
2. Chevron Corporation (NYSE:CVX)
Investors with Long Positions (as of June 30): 50
Aggregate Value of Investors’ Holdings (as of June 30): $2.11 Billion
Chevron Corporation (NYSE:CVX), a company that engages in petroleum, chemicals, power, and energy operations worldwide, received a vote of confidence from the hedge funds we observe. The number of hedge funds owning its shares increased by three during the quarter, while the value of the total investments in the company increased from $1.49 billion. Chevron Corporation pays out an annualized dividend of $4.28 per share, which currently generates a 5.51% dividend yield. The company’s stock performance follows the industry’s ups-and-downs, delivering a negative return of 28% year-to-date. A little while ago, the company reported its financial results for the second quarter, posting earnings of $571 million or $0.30 per diluted share, compared to $5.7 billion or $2.98 per share reported a year ago. Ken Fisher’s Fisher Asset Management slightly increased its stake in Chevron Corporation (NYSE:CVX) during the second quarter to 3.53 million shares.
1. Macquarie Infrastructure Corporation (NYSE:MIC)
Investors with Long Positions (as of June 30): 69
Aggregate Value of Investors’ Holdings (as of June 30): $2.07 Billion
Unlike the previously-discussed companies, the shares of Macquarie Infrastructure Corporation (NYSE:MIC) have gained nearly 10% since the beginning of the year. There were 70 hedge funds within our database that had positions in the company at the end of the first quarter. In the meantime, the value of these positions shrank from $2.30 billion during the quarter. Macquarie increased its quarterly cash dividend by 16.8% year-over-year to $1.11 per share, which generates a current dividend yield of 5.74%. The company posted a net loss, before tax, of $97.0 million for the second quarter, compared to net income of $15.2 million a year ago. However, the company’s consolidated revenue increased by 50.8% year-over-year to $423.7 million. Richard McGuire’s Marcato Capital Management is among the largest equity holders in Macquarie Infrastructure Corporation (NYSE:MIC) within our database, owning a 3.53 million-share stake.
Disclosure: None
