CONOCOPHILLIPS $42 is a hold. The company (New York symbol COP; Resources sector; Shares outstanding: 1.1 billion; Market cap: $46.2 billion; Dividend yield: 4.0%; Takeover Target Rating: Medium; www.conocophillips.com) is a Houston-based oil and natural gas exploration and production company.
The company is now buying Concho Resources Inc. (New York symbol CXO) for $9.7 billion in an all-stock transaction.
Concho is the fifth-largest producer in the Permian Basin, producing an average of 319,000 barrels per day. While ConocoPhillips has significant interests in two other U.S. shale fields, it only produces 50,000 barrels per day in the Permian Basin. This deal greatly increases its presence in that area. Together, ConocoPhillips and Concho will produce an average of 1.5 million barrels of oil equivalent per day.
The company expects the purchase will let it cut $500 million from its annual costs by 2022. That will help it cope with low oil prices.
ConocoPhillips is a hold.
hold.
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