Barclays on ConocoPhillips (COP): JV Sale a Positive, But Don't Expect Much Upside
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Price: $63.31 +1.41%
Rating Summary:
5 Buy, 8 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
5 Buy, 8 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade COP Now!
Barclays maintains an 'Equalweight' on ConocoPhillips (NYSE: COP) price target of $62.00.
Analyst, Paul Y. Cheng, commented on the recent announcement that ConocoPhilips was selling its 40% stake in Russian joint venture NaryanMarNefteGaz (NMNG) to co-owner Lukoil (OTC: LUKOY) for $400 million.
Cheng said the sale makes strategic sense, citing the property was not part of the company's core operations. He lowers FY12 EPS estimate from $4.70 to $4.65 and FY13 from $5.15 to $5.10. However, he believes upside to shares is relatively limited until company management does a better job convincing the market that it can fund its dividend and capex program in a more mediocre oil price environment ($80/barrel or less)
For an analyst ratings summary and ratings history on ConocoPhillips click here. For more ratings news on ConocoPhillips click here.
Shares of ConocoPhillips closed at $56.68 yesterday, with a 52 week range of $50.62-$78.29.
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Analyst, Paul Y. Cheng, commented on the recent announcement that ConocoPhilips was selling its 40% stake in Russian joint venture NaryanMarNefteGaz (NMNG) to co-owner Lukoil (OTC: LUKOY) for $400 million.
Cheng said the sale makes strategic sense, citing the property was not part of the company's core operations. He lowers FY12 EPS estimate from $4.70 to $4.65 and FY13 from $5.15 to $5.10. However, he believes upside to shares is relatively limited until company management does a better job convincing the market that it can fund its dividend and capex program in a more mediocre oil price environment ($80/barrel or less)
For an analyst ratings summary and ratings history on ConocoPhillips click here. For more ratings news on ConocoPhillips click here.
Shares of ConocoPhillips closed at $56.68 yesterday, with a 52 week range of $50.62-$78.29.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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