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COP

ConocoPhillips

$65.65

-3.55 (-5.13%)

07:06
10/25/18
10/25
07:06
10/25/18
07:06

ConocoPhillips reports Q3 EPS $1.36 ex-items, consensus $1.18

Production excluding Libya for the third quarter of 2018 was 1,224 thousand barrels of oil equivalent per day, an increase of 22 MBOED compared with the same period a year ago. The third-quarter volume impact from closed dispositions was approximately 50 MBOED in 2017. Excluding this impact, underlying production increased 6 percent. The increase was primarily due to growth from the Big 3 unconventionals, development programs in Europe and Alaska, and ramp-up of major projects in Asia Pacific. These more than offset normal field decline. Production from Libya was 37 MBOED. In the Lower 48, production from the company's high-margin Big 3 unconventionals grew to 313 MBOED, reflecting a 48 percent increase year-over-year. Production from the Big 3 unconventionals in the third quarter of 2017 was impacted by 15 MBOED from Hurricane Harvey. Excluding this impact, growth was 38 percent year-over-year. Production from the Big 3 unconventionals is expected to grow more than 35 percent for the full year. During the quarter, the company achieved first production at Bohai Phase 3 and from the final phase of drilling at Bayu-Undan. In Alaska, first production was achieved from GMT-1 in October. The company also sanctioned GMT-2, which leverages existing infrastructure to lower its cost of supply and minimize the environmental footprint. Significant turnarounds were safely and successfully completed in the Western North Slope and Prudhoe Bay in Alaska, as well as in China and Malaysia. In Europe, production was impacted by an unplanned outage at a third-party plant that processes gas from the East Irish Sea in the United Kingdom. Production from the East Irish Sea is expected to resume in the fourth quarter.

  • 25

    Oct

COP ConocoPhillips
$65.65

-3.55 (-5.13%)

10/01/18
GSCO
10/01/18
DOWNGRADE
GSCO
Neutral
ConocoPhillips downgraded to Neutral from Buy at Goldman Sachs
10/02/18
GSCO
10/02/18
DOWNGRADE
Target $81
GSCO
Neutral
Goldman downgrades ConocoPhillips to Neutral following share outperformance
Goldman Sachs analyst Neil Mehta downgraded ConocoPhillips (CVX) to Neutral citing valuation following the recent outperformance of the shares. The analyst remains positive on the company's strategy and execution, but now sees more attractive relative upside elsewhere, including Chevron (CVX). He has an $81 price target for shares of ConocoPhillips.
10/02/18
10/02/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Goldman downgraded ConocoPhillips (COP) to Neutral following share outperformance with analyst Neil Mehta citing valuation. 2. U.S. Steel (X) and Reliance Steel (RS) were downgraded to Hold from Buy at Deutsche Bank. 3. Unilever (UN, UL) downgraded to Hold from Buy at Jefferies with analyst Martin Deboo saying the company is facing "choppier waters" and "higher expectations." 4. Ambev (ABEV) double downgraded to Sell from Buy at UBS with analyst Alan Alanis saying AmBev trades at a 25% higher valuation than parent company AB InBev (BUD), which is unwarranted. 5. Schlumberger (SLB) downgraded to Hold from Buy at Tudor Pickering. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/22/18
SIMM
10/22/18
INITIATION
Target $80
SIMM
Neutral
ConocoPhillips assumed with a Neutral at Simmons
Simmons analyst Blake Fernandez assumed ConocoPhillips with a Neutral rating and a price target of $80 as part of his broader research note on Integrated Oils, suggesting that the industry stands to benefit from the current stage of the energy cycle. Fernandez adds that ConocoPhillips neutral stance is a "function of its significant outperformance" in 2018 and the likely expected rotation to Permian-levered E&Ps, even though he still sees the company as a "placeholder in any long-term portfolio" thanks to its "strong capital discipline, lack of exposure to Permian differentials, attractive asset sales, and top tier upstream economics".

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WMT

Walmart

$100.88

-0.56 (-0.55%)

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