Zacks Investment Research upgraded shares of ConocoPhillips (COP) from UNDERPERFORM to NEUTRAL on November 09, 2012, with a target price of $59.00.
We are upgrading our recommendation for ConocoPhillips to Neutral from Underperform following the third quarter results. The company's better-than-expected earnings reflected robust production of crude oil from its high-margin areas like the Eagle Ford and Bakken. ConocoPhillips is also making progress in other North America shale plays including the Bakken and several emerging areas. Key development projects in Malaysia and Norway are also expected to drive exploration and production growth. However, ConocoPhillips remains vulnerable to unstable movements in crude oil and natural gas prices, as well as the volatile nature of the macro backdrop.
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