Tuesday, January 25, 2011

ConocoPhillips' (NYSE:COP) Upstream Should Help Beat Estimates

ConocoPhillips (NYSE:COP) should beat EPS consensus, according to Barclays, citing strong upstream and chemicals.

Barclays says, "We expect COP to report 4Q10 EPS of $1.32/share, compared to consensus of $1.30/share. We forecast upstream net income at $1,832 million or $11.6/boe, up 15% y-o-y, and up 22% q-o-q. Total production is estimated at 1,711 mboe/d (000's boe/d), down 6% y-o-y and flat sequentially. We expect a downstream profit at $196 million, compared to $268 million in 3Q10 and a $204 million loss in 4Q09. We forecast Chemicals net income to be $143 million, compared to $132 million in 3Q10 and $54 mm in 4Q09."

Barclays reiterates an "Equalweight" rating on ConocoPhillips (COP), which was trading at $66.70, dropping $1.40, or 2.06 percent, as of 2:29 PM EST. Barclays has a price target on ConocoPhillips of $75.

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