Jefferies Cuts Target, Estimates for ConocoPhillips; Says Growth Won’t Happen til 2013 (COP)

Oil exploration giant ConocoPhillips (COP) on Friday caught some tepid commentary from analysts at Jefferies & Co.

The firm maintained its “Hold” rating on COP and lowered its price target to $60. That new target suggests an 8.5% upside to the stock’s Thursday closing price of $55.30.

Jefferies also lowered its earnings estimates for the company, noting it doesn’t expect growth to kick in until 2013.

ConocoPhillips shares posted small losses in premarket trading Friday.

The Bottom Line
ConocoPhillips currently offers a 4.77% dividend yield, based on last night’s closing price of $55.30 and the company’s annualized dividend payout of $2.64 per share.

ConocoPhillips (COP) is a “Recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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