According to Yahoo 2015 earnings consensus is $6.35. At the current P/E of 8.3%x that puts the share price at less than $53. That's down about 15% from here. Of course with the 4.7% yield on the dividend (if they can keep it) you'll only be down 10.3% for the year. Lots of patience needed to own this one.
I don't know how long this high wire act can go on. There world is awash in petroleum, there is no reason to jump into any of the big oil companies. The only reason I can come up with? The flash boys are accumulating huge amounts of cash and they must put it somewhere. When you're raking in millions at the back door your portfolio has room for a little volatility over the next 24 months or so. Hey, who can't use a capital loss now and then at tax time?
Robbing Peter to pay Paul for sure. It's also called "shoring up the share price in the hopes that when you get bought out you can reach for a better deal." Of course you could also accomplish the same thing by cutting the dividend now and using your extra cash to buy back shares on the open market. But then you would not be able to pocket that over-generous dividend each quarter. Enjoy it while it lasts.