ConocoPhillips Shares Up; Bank of America Upgrades to Buy

By Michael Dabaie

ConocoPhillips shares were up 5.5% to $55.47 in Wednesday afternoon trading.

Bank of America Global Research upgraded the stock to Buy from Neutral and boosted its price objective to $67 from $65, saying this followed a recent pullback.

"COP has led peers on the cash returns model and at current commodity levels, the potential scale of returns is impressive," the Bank of America note said.

"Looking forward we see COP poised to accelerate cash returns at an earlier and more significant pace than any 'pure-play' E&P or oil major," the analyst note said.

ConocoPhillips on Tuesday morning reported first-quarter earnings per share of 75 cents per share, compared with a first-quarter 2020 loss $1.60. Adjusted EPS was 69 cents.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

May 05, 2021 15:11 ET (19:11 GMT)

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