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.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
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