COP - ConocoPhillips Company

NYSE - NYSE Delayed Price. Currency in USD
65.07
0.00 (0.00%)
At close: 4:00PM EST
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Previous Close65.07
Open65.28
Bid64.71 x 1100
Ask65.07 x 900
Day's Range64.84 - 65.43
52 Week Range50.13 - 71.01
Volume4,427,485
Avg. Volume5,974,033
Market Cap71.399B
Beta (5Y Monthly)1.11
PE Ratio (TTM)8.89
EPS (TTM)7.32
Earnings DateFeb. 03, 2020
Forward Dividend & Yield1.68 (2.58%)
Ex-Dividend DateOct. 14, 2019
1y Target Est74.65
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Recent campaigns at PDC Energy Inc. and Carrizo Oil & Gas Inc. were knocked back — although, given what’s happened since, investors may well regret that. Carrizo, especially, went from shrugging off calls to merge to agreeing to sell itself for a relative pittance within roughly 18 months.Such experiences may be sinking in, though. Generalist investors have largely deserted the sector, with valuation multiples notably unresponsive to oil prices for much of the past year. Equity and debt issuance has dropped off significantly, and stocks of more-indebted frackers have been hit hardest. While the recent rally in oil prices has eased conditions somewhat in the high-yield bond market, option-adjusted spreads for energy issuers remain elevated versus the more-forgiving levels that fueled the pre-2014 boom and offered relief in 2017-18.It is fitting that, as the 2010s draw to a close, the biggest E&P company, ConocoPhillips, hosted a recent analyst day that summed up the fallout from the shale boom and what it will take to navigate from here. Growth must be an output, not an input to the model. Cut capital intensity, not just to fund big payouts but also to smooth volatility and resist the cost inflation that comes from following the herd. Above all, with investors AWOL and concerns about climate change sharpening rapidly, don’t assume energy exposure is a must-have. 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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/opinion©2019 Bloomberg L.P.

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