Jefferies Raises Price Target on ConocoPhillips (COP) to $46
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Jefferies Cuts Price Target on Workday (WDAY) to $71 Following 3Q
- Crocs (CROX) PT, Estimates Trimmed at Susquehanna
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!