Zacks Investment Research upgraded shares of ConocoPhillips (COP) from NEUTRAL to OUTPERFORM on July 02, 2014, with a target price of $103.00.
ConocoPhillips reported strong first-quarter results with earnings beating the Zacks Consensus Estimate and revenues rising over the year-ago number. The company's performance was backed by a continued portfolio shift to liquids and higher production from new development programs, as well as upstream ventures in key projects. ConocoPhillips' initiatives toward liquids-rich plays are gaining momentum through the Eagle Ford, Bakken and Permian plays. With leading positions in both natural gas and heavy crude oil in North America, as well as a legacy position in the North Sea and growing exposure to lucrative international regions, the company expects to deliver 3-5% production growth in 2014. Thus, we upgrade our recommendation from Neutral to Outperform and set a price target of $103.00.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on ConocoPhillips (COP),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment