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ConocoPhillips (NYSE: COP) was upgraded Monday by UBS from Sell to Neutral with a price target reduced from $80 to $78.
Analysts led by William A. Featherston noted in a report that the shares seem to be fairly valued versus close peers after a recent pullback in the stock.
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Featherston’s report suggested that since "the downstream spin, ConocoPhilips has traded within a dividend yield range of 3.3 percent to 5.3 percent, pushing up its valuation multiples vs. pure-play E&P peers despite lower relative growth."
The company’s "high yield should continue to support its valuation; assuming a 5 percent dividend increase in 2015 (to ~$3.08 per share share) and 4.5% yield implies downside support of $68 per share."
As for risks, the report highlighted concerns over "1) ongoing cash flow outspend...2) upside risk to long term capex guidance of $16.5-$17 billion in order to achieve its growth targets; 3) above average leverage to US natural gas relative" to peers.
ConocoPhillips recently traded at $74.64, down 0.21 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.