ConocoPhillips (NYSE: COP) is scheduled to release its second-quarter earnings report before the markets open on Thursday. The consensus estimates from Thomson Reuters call for a net loss of $0.61 per share on $6.73 billion in revenue. In the same period of last year, the oil giant posted $0.07 in earnings per share (EPS) on revenue of $8.66 billion.
This stock may offer investors solid upside potential despite the big dividend cut earlier this year. ConocoPhillips is the world’s largest independent exploration and production company, based on production and proved reserves. Headquartered in Houston, ConocoPhillips had operations and activities in 21 countries, $30 billion in annual revenue, $97.5 billion of total assets and approximately 15,900 employees, as of the end of 2015. Production averaged 1,589 thousand barrels of oil equivalents in 2015, and proved reserves were 8.2 billion barrels of oil equivalents as of last December 31.
Many Wall Street analysts feel Conoco can accelerate growth from a reloaded portfolio depth in the Bakken and Eagle Ford, with visibility on future growth from a sizable position in the Permian. The company remains the one of the best values as short sellers circled after the dividend cut as many growth and income managers sold shares.
Excluding Wednesday’s move, ConocoPhillips has underperformed the broad markets, with the stock down about 11% year to date. Over the past 52 weeks, the stock is down 17%.
A few analysts weighed in on ConocoPhillips ahead of the earnings report:
- Jefferies reiterated a Sell rating.
- JPMorgan has a Neutral rating with a $44 price target.
- Deutsche Bank reiterated a Buy rating with a $62 price target.
- Merrill Lynch reiterated a Buy rating with a $71 price target.
Shares of ConocoPhillips were trading down about 1.7% at $40.10 on Wednesday, with a consensus analyst price target of $51.82 and a 52-week trading range of $31.05 to $57.24.
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