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ConocoPhillips (NYSE:COP) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued on Wednesday. The firm currently has a $103.00 target price on the stock. Zacks‘s price target would indicate a potential upside of 19.61% from the stock’s previous close.

Zacks’ analyst wrote, “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.”

Shares of ConocoPhillips (NYSE:COP) traded down 0.44% on Wednesday, hitting $85.73. 2,798,851 shares of the company’s stock traded hands. ConocoPhillips has a 1-year low of $61.06 and a 1-year high of $86.43. The stock has a 50-day moving average of $81.60 and a 200-day moving average of $72.39. The company has a market cap of $105.3 billion and a P/E ratio of 11.71.

ConocoPhillips (NYSE:COP) last released its earnings data on Thursday, May 1st. The company reported $1.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.56 by $0.25. During the same quarter last year, the company posted $1.42 earnings per share. On average, analysts predict that ConocoPhillips will post $6.44 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on COP. Analysts at Barclays raised their price target on shares of ConocoPhillips from $88.00 to $100.00 in a research note on Friday, June 20th. They now have an “overweight” rating on the stock. Separately, analysts at Jefferies Group initiated coverage on shares of ConocoPhillips in a research note on Friday, June 13th. They set a “hold” rating and a $89.00 price target on the stock. Finally, analysts at Howard Weil upgraded shares of ConocoPhillips from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, June 11th. They now have a $90.00 price target on the stock, up previously from $75.00. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. ConocoPhillips currently has an average rating of “Buy” and an average target price of $88.18.

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

To view Zacks’ full report, visit Zacks’ official website.

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