UPDATE: Howard Weil Upgrades ConocoPhillips
In a research note released Wednesday, Howard Weil analyst Blake Fernandez upgraded ConocoPhillips (NYSE: COP) to Sector Outperform from Sector Perform and raised the price target from $75 to $90.
The analyst stated that after spending time with executives, the firm gained trust and comfort in the stock and now feels that ConocoPhillips is “poised” to deliver good results. In addition, the firm is gaining confidence based on the company's higher production targets, efficiency in underlying assets and its recent analyst day presentation.
The analyst then compared ConocoPhillips to IOC. ConocoPhillips is attractive because it has the ability to deliver top-line production growth which will lead to enhanced earnings per share and cash flow accretion over the next couple of years.
The analyst also stated that the firm might re-rate the stock in the future, once it breaks breakeven cash flow and returns a cool dividend.
Shares of the company are up nearly one percent on Wednesday and are up 16 percent year-to-date.
Latest Ratings for COP
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