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HOUSTON - ConocoPhillips (NYSE:COP), a $115.7 billion market cap oil and gas giant with a robust dividend yield of 3.36%, has applied to Canadian securities regulators to cease being a reporting issuer in all Canadian jurisdictions, the company announced Friday. According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside opportunity.
The oil and gas producer, which InvestingPro identifies as a prominent player in the Oil, Gas & Consumable Fuels industry with a 55-year track record of consecutive dividend payments, has requested a joint order from the Alberta Securities Commission and Ontario Securities Commission that would end its reporting obligations across Canada.
If the application is approved, ConocoPhillips will no longer be required to file separate disclosure documents under Canadian securities laws. However, the company stated it will continue to file all financial statements and other continuous disclosure materials required by U.S. securities laws and New York Stock Exchange rules.
Canadian shareholders will still receive the same disclosure documents delivered to U.S. shareholders, according to the company’s press release. These materials will be provided "in the same manner and at the same time" as required under U.S. securities regulations.
All of ConocoPhillips’ disclosure documents will remain publicly available to shareholders through the U.S. Securities and Exchange Commission website.
ConocoPhillips describes itself as a leading global exploration and production company with operations focused on oil and natural gas production. Trading at a P/E ratio of 11.58 and maintaining strong financial health scores, the company demonstrates solid operational performance. The company did not provide a timeline for when it expects a decision from Canadian regulators regarding its application. For deeper insights into ConocoPhillips’ financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, ConocoPhillips has been the focus of several significant developments. RBC Capital has adjusted its price target for ConocoPhillips, lowering it from $115 to $113, while maintaining an Outperform rating. The firm anticipates an increase in leverage by the second quarter of 2025 due to capital spending and working capital challenges. Meanwhile, UBS has raised its price target for ConocoPhillips from $111 to $115, maintaining a Buy rating. UBS highlights positive operational updates and cost savings that could improve the company’s outlook in the latter part of 2025. Additionally, ConocoPhillips has expanded its board of directors by appointing Kathleen "Katie" McGinty, who brings extensive sustainability and public sector experience. In another development, senators have questioned ConocoPhillips regarding its lobbying activities related to a new tax bill, expressing concerns about potential tax benefits for oil companies. Lastly, Citi has lowered its price target for ConocoPhillips to $115 from $140, citing concerns over OPEC’s strategy, but maintains a Buy rating, seeing potential value in the company’s resilience and growth prospects.
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