added back the 100sh/ S&P says BUY, dividend+buyback in the bank
Could see at 58.50 battle, it was going higher, nice close
S&P MAINTAINS BUY RECOMMENDATION ON SHARES OF CONOCOPHILLIPS
(S&P Capital IQ)
We lift our '13 EPS view $0.08 to $6.03 and set '14's at $6.19 (vs. $5.58 in '12). Q4 EPS of $1.43, vs. $1.55, beats our estimate by $0.01. Organic production was mostly flat in '12. COP sees '13 production of 1.475-1.525 MMBoe/d, below our target, but keeps a 3%-5% per year organic growth target; we are at the low end. COP is awaiting close on $9.6B in asset sales, which we think will help fund a $15B capex plan, pay dividends of $3.5B and $5B in stock buybacks. We see cash flow approaching $15B. We find valuations attractive and note a top dividend yield (4.5%) among peers.