ConocoPhillips (NYSE:COP) & Tyson Foods, Inc. (NYSE:TSN) Traders Alert
On Thursday, Shares of ConocoPhillips (NYSE:COP) lost -1.66% to $48.62. The share price is trading in a range of $48.53 – 49.78. The stock exchanged hands with 8.81 million shares contrast to its average daily volume of 8.47 million shares.
ConocoPhillips (COP) declared it has reached a definitive agreement to sell its interests in the San Juan Basin to an associate of Hilcorp Energy Company for up to $3.0 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 million. The cash portion of the proceeds is subject to customary closing adjustments. The contingent payment is effective starting Jan. 1, 2018 and has a term of six years. Proceeds from this transaction will be used for general corporate purposes.
Full-year 2016 production associated with the San Juan Basin assets was 124 thousand barrels of oil equivalent per day, of which about 80 percent was natural gas. Cash offered by operating activities for 2016 was about $0.2 billion. Year-end 2016 proved reserves were 0.6 billion barrels of oil equivalent.
As of Dec. 31, 2016, the net book value of the assets was about $5.9 billion, which includes about $2.8 billion of step-up basis associated with the Burlington acquisition in 2006. The company anticipates to record a non-cash impairment on the assets in the second quarter of 2017. The transaction is subject to specific conditions precedent being satisfied, counting regulatory approval, and is expected to close in the third quarter of 2017.
ConocoPhillips (NYSE:COP) have shown a low EPS growth of -20.70% in the last 5 years and has earnings growth of 99.00% yoy. Analysts have a mean recommendation of 2.00 on this stock (A rating of less than 2 means buy, “hold” within the 3 range, “sell” within the 4 range, and “strong sell” within the 5 range). The stock appeared -8.07% below its 52-week highs and is down -2.39% for the last five trades.
Shares of Tyson Foods, Inc. (NYSE:TSN) declined -1.23% to $63.47. The share price of the stock plunged -0.68% for the year.
Analysts give TSN a mean recommendation of 2.40. The company has grown 3.26% in past 3 months and in the last five trades has moved up 1.36%. The stock has earnings growth of 40.20% yoy and showed a high EPS growth of 17.90% over the past five years. The stock’s price moved down its 200-day moving average of $64.68. The stock is presently trading up its SMA-50 of $62.53.