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UBS Raises Price Target for ConocoPhillips

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Nov. 20 2020, Updated 2:48 p.m. ET

UBS raises price target for ConocoPhillips

Yesterday, UBS increased its price target for ConocoPhillips (COP) by $1 to $70. On March 5, Morgan Stanley increased it by $1 to $78. Of the 22 analysts tracking ConocoPhillips, 41% recommend “hold,” 59% recommend “buy,” and none recommend “sell.”

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“Buy” recommendations rise

Last month, “buy” recommendations rose for ConocoPhillips. One reason could be the Brent-WTI spread’s expansion in late January. ConocoPhillips is in an advantageous position if the Brent-WTI spread expands. However, with US crude oil production slowing, this spread has narrowed. A rise in oil prices could push also boost COP.

Mean price target

Analysts’ mean price target for COP is $77.80, implying a ~15.1% upside based on its last closing price. In comparison, their price targets for top S&P 500 upstream holdings EOG Resources (EOG) and Occidental Petroleum (OXY) suggest an upside of 30.5% and 16.2%, respectively.

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