S&P Capital IQ Reiterates its BUY Rating on ConocoPhillips

October 28 00:00 2011

NEW YORK, October 28 (RainbowNewsLine.com) – Analyst Michael Kay of S&P Capital IQ reiterates his BUY rating on the shares of ConocoPhillips (NYSE:COP).

Analyst Michael Kay, in a research note published yesterday, mentions that the company reported Q3 adjusted EPS ahead of the estimates due to higher oil prices and remarkably strong refining metrics.  However, discounting Libya & suspensions in China, the declining volumes from North Sea, Alaska & Russia were disappointing, analyst says. The EPS estimate for 2011 has been raised from $8.50 to $8.65.  The EPS estimate for 2012 has been reduced from $9.20 to $8.40 reflecting lower oil prices. ConocoPhillips’ planned split-up is expected in Q2 ’12, the analyst adds.