Citigroup has published a research report on ConocoPhillips COP after the company announced it's agreement to sell its interest in the Seaway to Enbridge ENB.
In the report, Citigroup writes, "COP entered into an agreement to sell its 50% interest in the Seaway (Cushing to Houston) pipeline for $1.15 billion to Enbridge (ENB). This is much higher than our estimate of over $500 million that we outlined in our Brent-WTI exit strategy piece on November 1. Enbridge can now piece together a route for its Canadian customers from the Midwest to the Gulf of Mexico."
Citigroup maintains its Neutral rating and $71 price target on ConocoPhillips, which is currently trading down $0.65 from yesterday's $71.99 closing price.
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