ConocoPhillips (NYSE: COP) is sharply lower as oil sold off overnight and into the morning. At the moment, ConocoPhillips is down 3 percent, while the United States Oil Fund LP (NYSE: USO) is down nearly 4.5 percent.
The correlation to oil prices aside, Oppenheimer said that ConocoPhillips’ valuation is “attractive,” raising its price target by $5 to $80. ConocoPhillips has cut its capex by 32 percent from 2014, which will help the company protect its dividend and achieve “cash flow neutrality” in 2017.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
In 2015 and 2016, Oppenheimer projected earnings of $1.4 billion and $3.6 billion, with operating cash flow of $11 billion and $13.7 billion, respectively. With capex and dividend expenditures, ConocoPhillips’ free cash flow will show a deficit of $4.1 billion this year and 1.4 billion in 2016.
Over the past three- and five-year periods, Oppenheimer pointed out, ConocoPhillips outperformed its peers, though it lagged performance of the S&P 500. Moving forward, Oppenheimer said that ConocoPhillips’ stock would reflect how quickly the company can “adjust to industry conditions.”