ConocoPhillips (NYSE: COP)‘s stock had its “neutral” rating restated by analysts at Credit Suisse in a research report issued to clients and investors on Friday. They currently have a $70.00 price target on the stock, up from their previous price target of $65.00.
The analysts wrote, “COP laid out a cashflow and production plan that is in line with our forecasts and could deliver 6-8% CAGR in cashflow and a 4-5% dividend yield (with underlying dividends growing over time also) – a good outcome that is not priced into the stock. We think COP could be even more assertive – streamlining the portfolio to improve focus and to reduce the share count which would increase the contribution of a high impact exploration program. COP could also monetize logistics assets within the business via an MLP without sacrificing control. This would cement the new CEO’s commitment to assertive value creation (a frequent investor complaint about the E+P industry). We are increasing our price target from $65/sh to $70/sh to account for NAV upside from shale. There could be further upside to our NAV from the exploration program over the next 2 years.”
A number of other analysts have also recently weighed in on COP. Analysts at Barclays Capital reiterated an “equal weight” rating on shares of ConocoPhillips in a research note to investors on Friday. They now have a $62.00 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of ConocoPhillips in a research note to investors on Friday, February 22nd. They now have a $61.00 price target on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of ConocoPhillips in a research note to investors on Wednesday, February 13th.
Six research analysts have rated the stock with a buy rating, two have assigned an overweight rating, eight have issued a hold rating, one has assigned an underweight rating, and three have issued a sell rating to the company. The company presently has an average rating of “hold” and a consensus target price of $61.85.
Shares of ConocoPhillips traded up 0.40% during mid-day trading on Friday, hitting $58.18. ConocoPhillips has a 52 week low of $50.62 and a 52 week high of $78.29. The stock’s 50-day moving average is currently $58.65. The company has a market cap of $71.037 billion and a P/E ratio of 8.62.
ConocoPhillips last announced its earnings results on Wednesday, January 30th. The company reported $1.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.43. The company had revenue of $15.40 billion for the quarter, compared to the consensus estimate of $13.22 billion. On average, analysts predict that ConocoPhillips will post $5.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, March 1st. Shareholders of record on Monday, February 18th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend is Thursday, February 14th.
ConocoPhillips is an international integrated energy company. The Company’s segments include Exploration and Production (E&P), which primarily explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas and natural gas liquids on a worldwide basis; Midstream, which gathers, processes and markets natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids, predominantly in the United States and Trinidad; Refining and Marketing (R&M), which purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia; Chemicals, which manufactures and markets petrochemicals and plastics on a worldwide basis, and Emerging Businesses, which represents its investment in new technologies or businesses outside the Company’s normal scope of operations.
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