BMO Capital analyst Phillip Jungwirth initiates coverage on $ConocoPhillips (COP.US)$ with a buy rating, and sets the target price at $125.
According to TipRanks data, the analyst has a success rate of 41.3% and a total average return of 2.8% over the past year.
Furthermore, according to the comprehensive report, the opinions of $ConocoPhillips (COP.US)$'s main analysts recently are as follows:
Estimates for the integrated oil and exploration and production sectors have been adjusted to account for a decrease in oil price forecasts in the coming years. Despite the recent downturn in the sector, it is suggested that stocks have a favorable risk/reward balance, considering that company fundamentals and operational momentum are robust.
The outlook for ConocoPhillips was maintained positively, reflecting adjustments in a comprehensive research note on the Energy sector. The revisions encompass estimates for the North American Oil and Gas group, U.S. refiners, and Canadian oilfield services companies. It was noted that there was a significant drop in crude prices during September and it is anticipated that prices will stabilize around the recent levels for the remainder of the year.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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