Raymond James lowered the firm’s price target on ConocoPhillips (COP) to $115 from $117 and keeps an Outperform rating on the shares. Conoco’s agreement to sell Anadarko Basin assets for $1.3B is expected to close in early Q4, the analyst tells investors in a research note. ConocoPhillips has one of the longest core inventory runways in the industry that warrants a meaningful premium relative to peers, the firm adds.
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