Raymond James raised the firm’s price target on ConocoPhillips (COP) to $159 from $155 and keeps a Strong Buy rating on the shares. ConocoPhillips announced the blockbuster acquisition of Marathon Oil (MRO), materially increasing Conoco’s already peer-leading asset base, and a 20c per share increase to the quarterly base dividend and an increase of $2B per year to its buyback program, the analyst tells investors in a research note.
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Read More on COP:
- M&A News: ConocoPhillips (COP) Plans to Buy MRO
- M&A News: Marathon Oil Rises on Potential Deal with ConocoPhillips
- ConocoPhillips Announces Strategic Merger with Marathon Oil
- ConocoPhillips to increase dividend by 34% to 78c per share
- ConocoPhillips to acquire Marathon Oil in $22.5B all-stock transaction