Biden backs Trump approval of ConocoPhillips' Alaska project

  • The Department of Justice is defending the Trump administration's approval of ConocoPhillips ' (COP) massive Willow project in the National Petroleum Reserve-Alaska, despite objections from environmentalists.
  • "Plaintiffs seek to stop the extraction of resources from the petroleum reserve by cherry-picking" government records, the DoJ says in a filing with the U.S. District Court for the District of Alaska.
  • The three Republican members of the state's congressional delegation pressed the issue with President Biden at the White House on Monday, Bloomberg reports.
  • After previously directing the Interior Department to review its 2020 approval of the Willow project, the DoJ now says the government followed applicable clean water, animal protection and environmental laws in the approval.
  • ConocoPhillips recently was upgraded to Buy at Bank of America , which called the company a "cash machine" with the potential for accelerated returns.

    For this year the company, located in Houston revenue will be around 37.7 billion USD. This is according to the average of the analysts' estimates. This is quite more than 2020's revenue of 18.78 billion USD.

    Historical revenues and results ConocoPhillips plus estimates 2020

    koersdata

    The analysts expect for 2021 a net profit of 4.14 billion USD. According to most of the analysts the company will have a profit per share for this book year of 3.38 USD. With this the price/earnings-ratio is 17.71.

    Per share the analysts expect a dividend of 1.75 USD per share. Thus the dividend yield equals 2.92 percent. The average dividend yield of the energy companies equals an attractive3.34 percent.

    Based on the current number of shares ConocoPhillips 's market capitalization equals 64.93 billion USD. The ConocoPhillips stock was the past 12 months quite unstable. Since last June the stock is even 28 percent higher. This year the stock price moved between 28 and 61 dollar.

    Historical stock prices ConocoPhillips2007-2021

    fundamental data conocophillips

    On Friday the stock closed at 59.85 USD.

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