Zacks Investment Research downgraded shares of ConocoPhillips (COP) from OUTPERFORM to NEUTRAL on October 06, 2014, with a target price of $79.00.
We are downgrading our Outperform recommendation on ConocoPhillips to Neutral following its second quarter results. 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. However, ConocoPhillips remains vulnerable to unstable movements in crude oil and natural gas prices, as well as the volatile macro backdrop.
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