Jefferies Raises Price Target on ConocoPhillips (COP) to $46
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Jefferies reiterated a Hold rating on ConocoPhillips (NYSE: COP), and raised the price target to $46.00 (from $40.00). Jefferies expects that COP can fund its $5b capital program, modestly grow the current dividend and reduce its debt level from $27b to $20b by year-end 2019 at a $50 Brent price. COP is also targeting divestiture proceeds of $5-8b in 2017-18. The company has implied that North American natural gas production of about 950 mmcfd will be its initial focus.
Analyst Jason Gammel commented, "ConocoPhillips presented a credible return-focused strategic plan reliant on lower capital intensity and higher financial flexibility. The company is targeting $7b of debt reduction and $3b of share repurchases by year-end 2019."
Shares of ConocoPhillips closed at $43.94 yesterday.
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