UPDATE: UBS Investment Research Raises PT on ConocoPhillips Following Conference Call

In a report published Friday, UBS Investment Research analyst William A. Featherston reiterated a Sell rating on ConocoPhillips COP, and raised the price target from $54.00 to $57.00.

In the report, UBS Investment Research noted, “Key conference call takeaways: 1) ‘13 production guidance increase was largely attributable to better than expected Eagle Ford performance, which nearly doubled YoY in 2Q; 2) cash margin rose 9% YoY due to higher liquids mix & improved geographic mix; 3) operated Thorn prospect in GoM was dry & acquired 20% w.i in BP-operated Gila prospect in GOM that's currently drilling; 4) evaluating ways to ‘rebalance' its oil sands portfolio but shied away from providing any detail around timing or asset mix.”

ConocoPhillips closed on Thursday at $66.09.