ConocoPhillips Jumps As Brokerages Go Bullish By Investing.com

By Dhirendra Tripathi

Investing.com – ConocoPhillips (NYSE:COP) rose more than 3% during Thursday’s trading as several brokerages raised their price targets for the oil giant’s shares.

The latest list of brokerages joining previous day’s bullish calls by UBS (NYSE:UBS) and Citi (NYSE:C) includes Bernstein, Truist Securities, Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC) and RBC Capital.

Bernstein’s $88 target for the crude oil explorer’s stock is the highest of the five calls issued today. That translates into an upside of almost 40% from the stock’s current level of $63.

For Goldman Sachs’s Neil Mehta, ConocoPhillips is a top big oil pick even as his $68 target is the lowest of the five. According to him, the stock holds an attractive upside given that its current discount to Brent is steeper than the traditional ~$5.

According to RBC Capital analyst Scott Hanold, the company’s investor update highlighted the management’s commitment to industry-leading returns of capital to shareholders. Hanold has a $75 target for the stock.