|Bid||48.22 x 800|
|Ask||48.50 x 900|
|Day's range||47.03 - 48.78|
|52-week range||20.84 - 67.13|
|Beta (5Y monthly)||1.69|
|PE ratio (TTM)||14.87|
|Earnings date||28 Jul 2020 - 03 Aug 2020|
|Forward dividend & yield||1.68 (3.76%)|
|Ex-dividend date||08 May 2020|
|1y target est||50.00|
Crude oil could have much further to go if demand continues bouncing back, which means oil stocks seem to have a lot of upside from here. Three that stand out are ConocoPhillips (NYSE: COP), Enbridge (NYSE: ENB), and Phillips 66 (NYSE: PSX). U.S. oil giant ConocoPhillips has taken several actions to preserve its balance sheet strength and profitability.
Occidental Petroleum (OXY) slashed its quarterly dividend for the second time in four month, while Williams Companies (WMB) plans to develop solar energy to power its operations in nine states.
ConocoPhillips (COP) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
ConocoPhillips (NYSE: COP) today announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Santos. The total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the payments such that $125 million of the originally announced $1.39 billion upfront cash payment would be allocated toward a payment due upon final investment decision of the proposed Barossa development project. This brings the total due to ConocoPhillips upon a final investment decision to $200 million.
Halliburton (HAL) told investors it is cutting its dividend by 75%, while National Oilwell Varco (NOV) board suspended the quarterly payout indefinitely to retain cash in the business.
ConocoPhillips (NYSE: COP) today announced the retirement of Don E. Wallette, Jr. as executive vice president and chief financial officer after a successful 39-year career with the company. Wallette’s retirement is effective on Aug. 31, 2020.
Even if it's not a huge purchase, we think it was good to see that David Seaton, a ConocoPhillips (NYSE:COP) insider...
Those holding ConocoPhillips (NYSE:COP) shares must be pleased that the share price has rebounded 32% in the last...
Oil prices will likely remain depressed from the shockwaves of lower demand, namely from transportation and industrial use cases. Although the headwinds facing the oil industry are far from over, here are three oil stocks to buy right now for investors that have the patience to give the industry time to recover. Oil continues to provide over 90% of the energy used in transportation around the world.
Oil stocks, on the other hand, continue to lag. The Energy Select Sector SPDR ETF (NYSEMKT: XLE), representing the oil and gas stocks in the S&P 500, is down more than 36%. For many investors, this points sharply at Big Oil -- the biggest companies in the oil patch -- as being great investments as one of the few sectors that is still well below 2020 highs.
Put simply, investors who want to bet on an oil market rebound should look elsewhere. Three better oil stock options are ConocoPhillips (NYSE: COP), EOG Resources (NYSE: EOG), and Pioneer Natural Resources (NYSE: PXD).
The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Royal Dutch Shell, Equinor and ConocoPhillips
Shares of the ConocoPhillips (NYSE: COP), the largest U.S. oil and gas exploration and production company (E&P), rose 36.7% in April, according to data provided by S&P Global Market Intelligence. ConocoPhillips' move was part of a larger recovery in the broader oil industry, which was hammered in March, first as a price war broke out between Saudi Arabia and Russia, and then as coronavirus-related travel restrictions caused demand for automobile and jet fuel to dry up. The severity of March's price downturn combined with questions about the severity and duration of coronavirus-related shutdowns caused ConocoPhillips to take drastic action.
Oil prices have been all over the map this year. While we see those positives, we've also covered the oil market for years, which has tainted our bullishness a bit. If we each could only choose one of those to buy, it would be ConocoPhillips (NYSE: COP), HollyFrontier (NYSE: HFC), and Phillips 66 (NYSE: PSX).
Market forces rained on the parade of ConocoPhillips (NYSE:COP) shareholders today, when the analysts downgraded their...
Despite an unprecedented downturn in oil demand that's set to wreak havoc for many months ahead, there are some companies that look buy-worthy right now.
Several oil companies have already filed for bankruptcy, while most others have had to slash spending, shareholder payouts, and production. ConocoPhillips (NYSE: COP) certainly hasn't been immune to this downturn. It reduced its drilling budget twice, suspended its share repurchase program, and curtailed some output.
ConocoPhillips reported a Q1 2020 loss of $1.7 billion, or ($1.60) per share, compared with Q1 2019 earnings of $1.8 billion, or $1.60 per share.
(Bloomberg Opinion) -- For frackers, this earnings season isn’t really about the earnings, which is just as well: After Covid-19 and the OPEC+ bust-up wrecked expectations in March, April’s negative oil prices rendered the entire quarter irrelevant. Indeed, the sector’s pitch for the entire past decade has been rendered irrelevant. That makes the upcoming round of webcasts a great opportunity to change it.It’s important to remember exploration and production companies entered the current crisis with a serious pre-existing condition. Energy’s weighting in the S&P 500 had been collapsing for years, and the bond market was closing. Those investors who hung on will feel the predictable mixture of fear, frustration and embarrassment. They’ll soon be joined or replaced in some instances by a new cohort: bondholders ending up with equity stakes they didn’t expect. The result, says Dan Pickering, Chief Investment Officer at Pickering Energy Partners Inc., is that “companies will wind up in a more adversarial relationship with owners than they had in the past.” Repairing that relationship, which ought to have been a priority anyway, is now a matter of life or death.Doing so begins with management, and the raft of proxy statements just released aren’t encouraging on that front. Executive pay and shareholder returns still occupy alternate realities. Of 30 companies I sampled, fully 16 awarded above-target bonuses to the CEO despite negative returns to shareholders last year. Another seven got them for returns that, while positive, lagged the S&P 500.In rating their returns against each other, rather than the market, E&P companies keep c-suite pay afloat while their stocks all sink together. Covid-19 makes this circular logic even more damaging. All industries will seek to rebuild after this crisis and compete for scarce capital from burned investors in order to do so. A reputation for benchmarking itself against dross — and with a decade of terrible returns to show for it — will have the E&P industry starting somewhere near the back.More than changes to this or that figure, therefore, E&P companies must communicate a change in attitude. Generalist investors nonplussed by oil and then burned by the Covid-19 crisis will require more than a 12-month budget with some price sensitivities thrown in to tempt them back. The specifics will be different for each firm, but the underlying ethos should be the same: Stop spending money you don’t have on producing energy nobody wants.Throttling back spending not only leaves more money for payouts or cutting debt, it reins in supply. The unprecedented drop in oil demand due to Covid-19 is forcing this, of course. But too many unprofitable barrels were spewing from shale anyway. Kimmeridge Energy Management Co., an activist fund manager, estimates more than 80% of the increase in U.S. oil and gas production in the decade after 2008 was funded with external capital, much of it incinerated in the process. CNX Resources Corp. took a new approach with its earnings call Monday. A year ago, the Appalachian gas producer was touting plans to raise spending and accelerate drilling — and the stock took a beating. This time, it’s all free cash flow twinned with plans for flattish spending and production right through the middle of the decade. Donald Rush, CNX’s finance chief, made the salient point that “if E&P companies are forced to use their own money to fund their own cash needs, [oil and gas] prices will rise to support that.” CNX was the best performing E&P stock Monday, up 12%.Demonstrating commitment to this will take time. Storage tanks are still filling, and Pickering suggests a bottoming process for the sector could take two to five years, not quarters. The objective must be stronger balance sheets and a focus on rewarding investors rather than growth at all costs. This, in turn, would leave E&P firms better able to meet the challenges, and higher risk premiums, of a volatile oil market and intensifying environmental pressure. Capital restraint, meeting the market on its own terms, is the key.Consolidation has an essential role to play in that. No management team will use an earnings call to kick off a sales process. Making it clear they’re open to deals and the board isn’t racing to adopt poison pills would help, though. Fracking is just too fragmented.Surveying 57 E&P companies representing 12.3 million barrels of oil equivalent a day of output, Kimmeridge calculates their SG&A expenses added up to $9.3 billion in 2019. Per barrel, the spread between smaller and larger companies is wide. For example, the biggest, ConocoPhillips, produced more oil and gas than the 28 smallest companies combined. But Conoco spent $556 million on SG&A versus their collective $1.53 billion.Taking the 38 firms producing 250,000 barrels-equivalent a day or less each, SG&A averages $2.93 a barrel. Cutting that to $1.50, on a par with the top five, would save $1.5 billion. If that sounds like pocket change, then you’re forgetting how small these companies are. Set it against their combined market cap of just $18 billion, and it’s an 8% cash yield.Various actors hoping to stave off restructuring with some taxpayer-funded deus ex machina often wrap their self-interest in tropes of energy dominance. But they have it backwards. The U.S. does have a vested interest in a healthy oil and gas sector that doesn’t rely on implicit subsidies such as rampant gas flaring. As Pickering puts it: “Beneath all this is a patient that needs to be saved.” But that means curbing the sector’s worst impulses and prioritizing efficiency.A Soviet-style fetish for sheer oil and gas production will ultimately make the industry a ward of the state and do irreversible damage to our planet in the process. As the earnings calls play out, listen for those companies that accept things can’t just go on as they were, and the ones insisting they must.\-- “Pay Gap” chart by Elaine HeThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.