Jefferies analyst Lloyd Byrne lowered the firm’s price target on ConocoPhillips (COP) to $120 from $129 and keeps a Buy rating on the shares as part of a Q3 earnings preview. The firm expects higher production to drive ConocoPhillips’ Q3 earnings above consensus. The market is focused on the company’s peak in capex this year but an uplift in free cash flow could come sooner than many expect, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on COP:
- ConocoPhillips price target raised to $118 from $113 at RBC Capital
- OPEC leaves oil demand forecasts unchanged, WSJ reports
- Energy names slip as front-month Crude Oil falls below $60 per barrel
- ConocoPhillips price target raised to $115 from $114 at JPMorgan
- ConocoPhillips price target lowered to $118 from $122 at Barclays