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Stock impact report

BofA Downgrades ConocoPhillips (COP), JPMorgan and Piper Sandler Lower PT [Yahoo! Finance]

ConocoPhillips (COP) 
Last conocophillips earnings: 4/30 07:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
ConocoPhillips (NYSE:COP) from Neutral to Underperform with a price target of $102. BofA analyst Kalei Akamine pointed to worries about the company's relatively high oil breakeven price than competitors. BofA believes that ConocoPhillips (NYSE:COP) needs oil prices of around $53 of WTI to cover its capital spending and dividend payments, which the research firm sees as “materially higher” when compared to its peers. BofA also noted that the company's debt-adjusted free cash flow yield of just 4.4% is “uncompetitive within the peer group.” The investment firm believes these pressures are partly linked to the long-cycle investments by ConocoPhillips (NYSE:COP) in Port Arthur LNG and Willow projects, which are still two and four years away from beginning operations, respectively. On January 13, JPMorgan reduced its price target on ConocoPhillips (NYSE:COP) from $102 to $98 and maintained its Overweight rating on the stock. Earlier, on January 8, Piper Sandler also cut its price t Show less Read more
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