ConocoPhillips inventory jumps after earnings beat, plans for share repurchases and gross sales of Cenovus stake
Shares of ConocoPhillips
climbed 1.8% in premarket buying and selling Tuesday, after the oil and fuel firm reported first-quarter earnings that beat expectations, and introduced the resumption of share repurchases and plans to begin promoting off its Cenovus Vitality Inc.
stake. The corporate swung to web earnings of $1.0 billion, or 75 cents a share, from a lack of $1.7 billion, or $1.60 a share, within the year-ago interval. Excluding nonrecurring gadgets, akin to unrealized features on its Cenovus stake, adjusted earnings per share got here to 69 cents, above the FactSet consensus of $54 cents. Manufacturing excluding Libya elevated 16.4% to 1,488 thousand barrels of oil equal per day (MBOED), simply shy of the FactSet consensus of 1,491 MBOED. The corporate mentioned it has resumed inventory buybacks at an annualized price of $1.5 billion. ConocoPhillips mentioned it at present owns about 10% of Cenovus inventory, which primarily based on Monday’s inventory closing costs could possibly be valued at roughly $1.6 billion. The corporate plans to begin promoting off its Cenovus stake within the second quarter of 2021, and expects to finish the gross sales by the fourth quarter of 2022. The corporate plans to make use of the proceeds to fund share repurchases. Individually, ConocoPhillips mentioned it plans to cut back debt by $5 billion over the subsequent 5 years. ConocoPhillips inventory has run up 31.9% 12 months up to now, whereas the SPDR Vitality Choose Sector ETF
has climbed 33.9% and the S&P 500
has gained 11.6%.
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