Oppenheimer Maintains an 'Outperform' on ConocoPhillips (COP); Dividend Is The Key; Adjusting Estimates on Spinoff
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Price: $126.78 +1.81%
Rating Summary:
27 Buy, 12 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
27 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer maintains an 'Outperform' on ConocoPhillips (NYSE: COP) price target of $65.00 (from $90.00).
Analyst, Fadel Gheit, said, "COP recently spun off its downstream businesses into a separate publicly traded company, Phillips66 (NYSE: PSX)(NotRated), which included refining and marketing, midstream and chemicals. Shareholders received one share of PSX for every two COP shares owned."
"After the separation, COP emerged as the largest US E&P company in market capitalization and total oil and gas production, with the highest dividend yield among independent E&Ps. COP’s business strategy is based on growing annual production and unit margins by 3-5%, while maximizing cash return to shareholders through annual dividend growth and opportunistic share repurchases."
Gheit lowers FY12 EPS estimate from $8.88 to $5.57 and FY13 from $9.08 to $4.89.
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 $52.96 yesterday.
Analyst, Fadel Gheit, said, "COP recently spun off its downstream businesses into a separate publicly traded company, Phillips66 (NYSE: PSX)(NotRated), which included refining and marketing, midstream and chemicals. Shareholders received one share of PSX for every two COP shares owned."
"After the separation, COP emerged as the largest US E&P company in market capitalization and total oil and gas production, with the highest dividend yield among independent E&Ps. COP’s business strategy is based on growing annual production and unit margins by 3-5%, while maximizing cash return to shareholders through annual dividend growth and opportunistic share repurchases."
Gheit lowers FY12 EPS estimate from $8.88 to $5.57 and FY13 from $9.08 to $4.89.
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 $52.96 yesterday.
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