Venezuela representatives, US officials meet over Citgo auction
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2024
0mins
Source: reuters
- Venezuela's Opposition Efforts: Members of Venezuela's political opposition and Citgo Petroleum's boards are engaging with U.S. officials to halt a court-ordered auction of shares to pay creditors.
- Upcoming Bidding Round: The second round of bidding for shares in Citgo's parent company, PDV Holding, is set to close soon, potentially leading to a change in ownership of the U.S. refiner.
- Creditor Claims: 18 creditors, including ConocoPhillips, Koch Industries, Crystallex, Rusoro, and Gold Reserve, seek up to $21.3 billion in claims from Citgo.
- Challenges in Auction: The highest offer in the initial bidding round fell short at under $8 billion, prompting objections from Citgo's supervisory boards who proposed an alternative payment plan.
- Potential Impact on U.S. Policy: Successful talks may influence a shift in U.S. policy guidance by the Biden administration, which previously supported the auction process.
Analyst Views on COP
Wall Street analysts forecast COP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COP is 113.39 USD with a low forecast of 98.00 USD and a high forecast of 132.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
18 Analyst Rating
15 Buy
3 Hold
0 Sell
Strong Buy
Current: 96.880
Low
98.00
Averages
113.39
High
132.00
Current: 96.880
Low
98.00
Averages
113.39
High
132.00
About COP
ConocoPhillips is an exploration and production company. Its Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. The Lower 48 segment consists of operations located in the 48 contiguous states in the United States and the Gulf of Mexico. Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the United Kingdom. Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
