Wall Street analysts’ recommendation

Based on Reuters data from 22 analysts tracking ConocoPhillips (COP), 45% recommended “holds,” 55% recommended “buys,” and none recommended “sells” on the stock. On February 11, Piper Jaffray increased its target price on COP by $7 to $75.

Why ConocoPhillips Stock Doesn’t Have Any ‘Sell’ Recommendations

No “sell” recommendation on ConocoPhillips

There were no “sell” recommendations on COP, according to data compiled by Reuters. COP’s robust earnings might have boosted analysts’ view on the stock. Moreover, in the current scenario, COP might have the most profitable production portfolio among US upstream companies. Of COP’s total oil production, 38% is benchmarked relative to Brent crude oil prices. Because of weakening oil supply outside the US, the Brent-WTI spread moved above $9 on February 13. Moreover, COP’s income sensitivity to Brent crude oil and higher realized oil prices might further increase investors’ confidence in the stock. In fact, so far this month, COP is the third highest outperformer among the S&P 500 Index’s (SPY) holdings in the upstream sub-sector.

US crude oil production at its record level of 11.9 MMbpd (million barrels per day) might limit the upside in WTI compared to Brent crude oil prices. Because of this pricing mechanism, US-focused upstream stocks like Chesapeake Energy (CHK), Oasis Petroleum (OAS), and others could be at a disadvantage. Apart from these factors, COP’s ability to sustain at lower oil prices compared to its peers is another positive factor for the stock prices.

Mean price target

The mean price target for COP in the next year is $77.42, implying a potential upside of ~14.2% from its last closing level. For other top holdings of the S&P 500 Index in the upstream subsector like EOG Resources (EOG) and Occidental Petroleum (OXY), the mean target price suggests an upside potential of 29.4% and 22.4%, respectively.

Latest articles

Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.

The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.

Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.

Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.

14 Jun

IEA Again Slashes Its Oil Demand Growth Estimate

WRITTEN BY Rabindra Samanta

As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.

Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.

172.31.59.107