On Friday, analysts at JP Morgan boosted the price target and earnings estimates on oil company ConocoPhillips (COP), saying that the company’s current operational performance should lead to continued share price appreciation.
The analysts maintain an “Overweight” rating on COP and now see shares reaching $70, up from the previous target of $64. This new valuation suggests a 21% upside to Thursday’s closing price of $57.95.
A JP Morgan analyst commented, “[W]e believe current valuation levels are relatively undemanding, with the stock price broadly supported on the value of proved reserves at year-end 2012, and we believe operational performance in line with guidance may position COP for continued share price appreciation. We adjust our EPS estimates and increase our YE2013 price target to $70/share, largely based on our revised NAV, and maintain our OW rating.”
ConocoPhillips shares were up a fraction during Friday trading. The stock is up about +7% since it spun off Phillips 66 (PSX) in May of 2012.
The Bottom Line
Shares of ConocoPhillios (COP) have a dividend yield of 4.54% based on Friday’s intraday trading price of $58.18 and the company’s annualized dividend payout of $2.64 per share.
ConocoPhillips (COP) is recommended at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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