Major Oil Player ConocoPhillips (COP) Gears Up for Q3 Earnings
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ConocoPhillips (NYSE: COP) is trading up today before its third quarter earnings release before the market opens tomorrow, October 28, 2009. The stock is up $0.70, about 1.3%, to $51.45.
COP is expected to post a Q309 EPS of $0.94 with revenues of $35.37 billion. Last quarter, COP reported an EPS of $0.87 and revs of $35.40 billion. One year ago, COP posted earnings for Q308 of $3.39 and $70 billion in revenues.
ConocoPhillips is up about 20% through the third quarter, and down about 0.50% YTD. The Oil and Gas - Integrated sector is up about 19% YTD.
Data from Bloomberg show that 8 analysts have a Buy rating on ConocoPhillips, 9 have a Hold, and 2 think you should Sell COP. The analyst consensus price target is $55.09.
Deutsche Bank recently upgraded ConocoPhillips to a Buy, with a price target of $55. They comment that they do not base their rating on the cheap oil or natural gas; rather they look at CEO Jim Mulva retiring in a few years and are anticipating a major restructuring.
Collins Stewart reiterated their Buy rating on COP, raising their price target to $65. Collins believes that COP will not be undergoing any major management changes n the next few years. The firm sees COP shedding mature, non-strategic assets while remaining an integrated oil company. Collins sees Q309 EPS of $0.99/share.
Soleil Securities initiated coverage on COP with a Hold, stating that the company is already priced in on the announcement of their portfolio rationalization program. They COP earning $3.95/share for FY09, and $7.05/share in FY10.
On October 14, 2009, Raymond James downgraded ConocoPhillips from Market Perform to Underperform.
Expect management to discuss its $10 billion 2-year asset divestiture program and the evolution of the asset base over the coming years on the earnings call.
ConocoPhilips will issue its Q309 results via press release at approximately 8:00 AM (EDT) on October 28, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
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