Dallas, Texas 04/02/2014 (FINANCIALSTRENDS) – ConocoPhillips (NYSE:COP) was founded and established in the year 1917 with their headquarter in Houston, Texas. The company recently caught attention of analysts with the news of it getting acquired out in the market.
Acquisition by Onado Energy Extended to April 30th
Onado Energy Resources Inc. also known for its exploration and production of oil and gas in Nigeria has officially announced that the date decided for the suggested acquisition of ConocoPhillips (NYSE:COP) has been changed and extended to 30thApril. Both the companies, the Onado Energy Resources and ConocoPhillips have agreed to fulfill all the closing formalities and conditions within the period of 31rst March to 30th April. Considering this extension period, the Onado Energy Resources has agreed to increase the deposit on 17th April by 25$ million.
Market Reaction
The value of the stock was fixed at 84.95$ billion and the trading of ConocoPhillips(NYSE:COP) began at 69.43$. The trading whole day ranged from 69.18$ to 69.52$. For past one year the stock has traded from $56.38 to $74.59. The current price of COP is 11.25x, which is still compared to the industry’s other stocks is cheap. COPs yield is 4.10% and the company pays to its shareholders 2.76$ per share every year.
About Conoco Phillips
The company’smain area of focus is exploring, development and production of crude oil and various other by products like bitumen, natural gas, liquid natural gas all over the world. To add to the company’s portfolio there are few names such as North American Shale and oil sands assets; North America, Europe, Asia and Australia’s legacy assets. Apart from this there are many international development and exploration projects.
Rating changes for ConocoPhillips(NYSE:COP)
The company ConocoPhillips’s rating was degraded by Howard Weil who mentioned it as a performing stock from the previous rating of outperforming stock. Earlier Barclays gave a better rating to this company and mentioned it as an overweight stock.
